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Lawsuit filed for Investors in shares of Granite Construction Incorporated (NYSE: GVA)

08-20-2019 06:37 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Granite Construction Incorporated (NYSE: GVA) shares.

A lawsuit was filed on behalf of investors in Granite Construction Incorporated (NYSE: GVA) shares.

An investor, who purchased shares of Granite Construction Incorporated (NYSE: GVA), filed a lawsuit over alleged Securities Laws violations by Granite Construction Incorporated.

Investors who purchased shares of Granite Construction Incorporated (NYSE: GVA) have certain options and for certain investors are short and strict deadlines running. Deadline: October 14, 2019. Granite Construction Incorporated (NYSE: GVA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Watsonville, CA based Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. On July 29, 2019, after the market closed, Granite Construction Incorporated 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 Construction Incorporated said it expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.

The plaintiff claims that between October 26, 2018 and August 1, 2019, the Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) that there was an “untenable” imbalance of risk sharing between the Company and the joint venture project owners; (3) that, as a result, the Company was reasonably likely to incur additional project costs for its joint venture projects; (4) the Company was reasonably likely to incur additional costs in connection with certain project disputes; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Granite Construction Incorporated (NYSE: GVA) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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