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PHILADELPHIA, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims against Granite Construction Incorporated (“Granite” or the “Company”) (NYSE: GVA).
If you purchased Granite Construction securities and suffered losses, please contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, firstname.lastname@example.org , email@example.com , or John Kehoe, Esq., (215) 792-6676, Ext. 801, firstname.lastname@example.org , to learn more about the securities investigation.
Kehoe Law Firm’s investigation concerns whether Granite Construction has violated federal securities laws and/or engaged in other unlawful business practices.
On July 29, 2019, after the market closed, GVA disclosed that second quarter 2019 financial results were negatively impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects.
Granite Construction disclosed , among other things, that
[a]s a result of independent second quarter 2019 events related to four legacy, unconsolidated heavy civil joint venture projects, Granite’s financial results in the second quarter of 2019 are expected to include after-tax charges of between $104 million to $108 million (or $2.20 per diluted share to $2.30 per diluted share). The charges on these four projects bid between 2012 and 2014 are related to 1) increased project completion costs, which were exacerbated by schedule delays and execution of a significant amount of disputed work, and 2) a recent unfavorable court ruling on a project dispute.
Including the impact of the charges, Granite expects second quarter 2019 revenue to be in the range of $785 million to $790 million and net loss per diluted share is expected to be in the range of $2.05 per diluted share to $2.10 per diluted share. . . . [Emphasis added.]
On this news, shares of Granite fell $7.98, or 17.9%, to close at $36.49 on July 30, 2019.
Kehoe Law Firm, P.C. , with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
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