BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Orion Group Holdings, Inc. (“Orion” or the “Company”) (NYSE: ORN) securities between March 13, 2018 and March 26, 2019, inclusive (the “Class Period”). Orion investors have until June 10, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Orion investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On March 18, 2019, Orion announced that it would not file its annual report with the SEC on time due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.” The Company also announced that it “expects that a significant change in results of operations from the corresponding period for the last fiscal year will be reflected in its financial statements.”
On this news, Orion’s share price fell $0.52, or 12.3%, to close at $3.72 per share on March 19, 2019, thereby injuring investors.
Then, on March 26, 2019, the Company reported $94.4 million net loss for the fourth quarter 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge.
On this news, Orion’s share price fell $0.22, or nearly 7%, to close at $2.97 per share on March 26, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had overstated goodwill in certain periods; (2) that the Company had overstated accounts receivable in certain periods; (3) that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts; (4) that, as a result, the required adjustments would materially impact the Company’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Orion, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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