NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Granite Construction, Inc. (“Granite”) (NYSE: GVA) breached their fiduciary duties to Granite and its shareholders. If you are a Granite shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether members of Granite’s Board of Directors (the “Board”) made, or caused Granite to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Granite’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including that: (1) Granite had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) there was an “untenable” imbalance of risk sharing between Granite and the joint venture project owners; (3) as a result, Granite was reasonably likely to incur additional project costs for its joint venture projects; (4) Granite was reasonably likely to incur additional costs in connection with certain project disputes; and (5) as a result of the foregoing, positive statements about Granite’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On October 25, 2019, Granite announced net income of only $20.5 million, a year-over-year decline of $35.2 million, including $69.3 million in its Heavy Civil operating group losses. The Transportation segment had gross year-to-date losses of $65 million, compared to gross profit of $138.4 million the previous year, again relating to challenges in the Heavy Civil operating group. As a result of these disclosures, the price of Granite common stock declined precipitously.
What You Can Do
If you are a Granite shareholder, you may have legal claims against Granite’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.