LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Granite Construction Incorporated (“Granite” or the “Company”) (NYSE: GVA) concerning whether the board breached its fiduciary duties to shareholders.
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On July 29, 2019, after the market closed, the Company disclosed that second quarter 2019 financial results were negatively impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects. As a result, Granite expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.
On this news, the Company’s stock price fell $7.98 per share, or nearly 18%, to close at $36.49 per share on July 30, 2019, on unusually heavy trading volume.
Then on August 2, 2019, before the market opened, the Company announced its second quarter 2019 financial results, reporting revenue of $789.5 million, including $114.2 million in revenue reduction due to the charges disclosed earlier that week.
On this news, the Company’s stock price fell $2.78 per share, or over 8%, to close at $31.22 per share on August 2, 2019, on unusually heavy trading volume. Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
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If you purchased Granite and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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