Orion Group Holdings, Inc. (ORN) Bronstein, Gewirtz & Grossman, LLC Announces Class Action and Lead Plaintiff Deadline: June 10, 2019
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces investors that a class action lawsuit has been filed against Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Orion securities between March 13, 2018 and March 26, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/orn.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On October 18, 2018, Orion announced that it expected a significant revenue shortfall for the third quarter of 2018 due to production delays and that its Chief Financial Officer had resigned. On this news, Orion’s stock price fell $0.68 per share, or over 10%, to close at $6.11 per share on October 18, 2018, on unusually heavy trading volume.
On March 18, 2019, Orion disclosed that it would be unable to timely file its annual report for 2018 due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.” Orion 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.” On this news, Orion’s stock price fell $0.52 per share, or over 12%, to close at $3.72 per share on March 18, 2019, on unusually heavy trading volume.
Then, on March 26, 2019, Orion reported a net loss of $94.4 million for the fourth quarter of 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge. On this news, Orion’s stock price fell $0.22 per share, or nearly 7%, to close at $2.97 per share on March 26, 2019, on unusually heavy trading volume.
The complaint filed in this class action 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, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had overstated goodwill in certain periods; (2) that the Company had overstated accounts receivable in certain periods; (3) that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts; (4) that, as a result, the required adjustments would materially impact the Company’s financial results; and (5) 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/orn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Flex you have until June 10, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org