Glancy Prongay & Murray LLP (GPM) reminds investors of the June 10, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Orion Group Holdings, Inc. (Orion or the Company) (NYSE: ORN) securities between March 13, 2018 and March 26, 2019, inclusive (the Class Period). Orion investors have until June 10, 2019 to file a lead plaintiff motion in this class action.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On March 18, 2019, Orion 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. The Company 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, Orions share price fell $0.52, or 12.3%, to close at $3.72 per share on March 19, 2019, thereby injuring investors.
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Then, on March 26, 2019, the Company 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.
On this news, Orions share price fell $0.22, or nearly 7%, to close at $2.97 per share on March 26, 2019, thereby injuring investors further.
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 Companys 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 Companys financial results; and (5) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Orion securities during the Class Period you may move the Court no later than June 10, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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