A lawsuit was filed on behalf of investors in Orion Group Holdings, Inc. (NYSE: ORN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/24/2019 -- An investor, who purchased shares of Orion Group Holdings, Inc. (NYSE: ORN), filed a lawsuit over alleged violations of Federal Securities Laws by Orion Group Holdings, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Orion Group Holdings, Inc. (NYSE: ORN) have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2019. NYSE: ORN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Houston, TX based Orion Group Holdings, Inc. operates as a specialty construction company in the building, industrial, and infrastructure sectors in the continental United States, Alaska, Canada, and the Caribbean Basin. Orion Group Holdings, Inc. reported that its annual Total Revenue rose from $578.23 million in 2016 to $578.55 million in 2017 and that its Net Loss declined from $8.06 million in 2016 to $3.62 million in 2017.
On March 18, 2019, Orion Group Holdings, Inc announced that it would not file its annual report with the SEC on time due to "extended evaluations of goodwill impairment testing and income tax adjustments, among other things." Orion Group Holdings, Inc also announced that it "expects that a significant change in results of operations from the corresponding period for the last fiscal year will be reflected in its financial statements."
Then, on March 26, 2019, Orion Group Holdings, Inc reported $94.4 million net loss for the fourth quarter 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge.
Shares of Orion Group Holdings, Inc. (NYSE: ORN) declined from $9.73 per share in August 2018 to as low as $2.70 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of Orion Group Holdings, Inc. (NYSE: ORN) common shares between March 13, 2018 and March 26, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 13, 2018 and March 26, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that the Company had overstated goodwill in certain periods, that the Company had overstated accounts receivable in certain periods, that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts, that, as a result, the required adjustments would materially impact the Company's financial results, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Orion Group Holdings, Inc. (NYSE: ORN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , 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, investigation, and/or settlements are not filed/reached and/or 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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