Shareholder rights law firm Robbins Arroyo LLP informs investors that purchasers of Orion Group Holdings, Inc. (NYSE: ORN) have filed a class action complaint for alleged violations of the Securities and Exchange Act of 1934 between March 13, 2018 and March 26, 2019. Orion is a specialty construction company that operates in the U.S., Canada, and Caribbean Basin.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/orion-group-holdings-inc/
Orion Accused of Overstating Goodwill and Accounts Receivable
According to the complaint, Orion reported $69.48 million in goodwill in its quarterly reports filed with the U.S. Securities and Exchange Commission for periods ended March 31, 2018 and June 30, 2018. On October 18, 2018, Orion announced it expected a significant shortfall for third quarter 2018 due to production delays and that it may perform an interim goodwill impairment test. On November 2, 2018, the company reported that it “determined it was not more likely than not that an impairment existed ¦” However, on Mach 18, 2019, Orion revealed it would be unable to timely file its annual report due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.” Then, on March 26, 2019, Orion 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. Orion’s stock has suffered as a result of its misstatements.
Orion Shareholders Have Legal Options
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Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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