The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Granite Construction Incorporated (NYSE: GVA) who purchased shares between October 26, 2018 and August 1, 2019. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Granite lawsuit alleges that (1) the Company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) there was an “untenable” imbalance of risk sharing between the Company and the joint venture project owners; (3) 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) 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.
Shareholders have until October 15, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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