Granite Construction Incorporated Securities Litigation

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Lawsuit Overview

Defendant:Granite Construction Incorporated
Date Filed:August 13th, 2019
Sector:Basic Industries
Industry:Military/Government/Technical

According to the Complaint, Granite purports to be one of the largest diversified infrastructure companies in the United States. In the public sector, the Company primarily focuses on heavy-civil infrastructure projects such as roads, highways, and power-related facilities. In the private sector, the Company provides site preparation and infrastructure services for residential development, energy development, and other facilities.

The Complaint 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, the Complaint alleges 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.

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First Identified Complaint

Douglas Greene, et al. v. Granite Construction Incorporated, et al.

Date Filed:August 13th, 2019
Class Period Start:October 26th, 2018
Class Period End:August 1st, 2019
First Identified Complaint Filings
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