NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Orion Group Holdings, Inc. (NYSE: ORN) resulting from allegations that Orion may have issued materially misleading business information to the investing public.
On October 18, 2018, Orion announced that it expected a significant revenue shortfall for the third quarter of 2018 due to production delays and that its Chief Financial Officer had resigned. On this news, Orion’s stock price fell $0.68 per share, or over 10%, to close at $6.11 per share on October 18, 2018, on unusually heavy trading volume.
On March 18, 2019, Orion disclosed that it would be unable to timely file its annual report for 2018 due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.” Orion 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 stock price fell $0.52 per share, or over 12%, to close at $3.72 per share on March 18, 2019, on unusually heavy trading volume.
Then, on March 26, 2019, Orion reported a net loss of $94.4 million for the fourth quarter of 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge. On this news, Orion’s stock price fell $0.22 per share, or nearly 7%, to close at $2.97 per share on March 26, 2019, on unusually heavy trading volume.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Orion investors. If you purchased shares of Orion please visit the firm’s website at https://www.rosenlegal.com/cases-register-1555.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
