Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Orion Group Holdings (NYSE:ORN) in connection to alleged violations of securities laws by ORN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Orion Group Holdings between March 13, 2018 and March 26, 2019.
The class action complaint specifically alleges that during the period in question, ORN provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that during certain time periods the company had made overstatements regarding its accounts receivable figures; that the company did not have adequate internal controls governing its financial reporting, including its allowance for doubtful accounts and impairment testing; that consequently the company would have to make adjustments that would bear a material impact on its financial results; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Orion Group Holdings is a construction company offering a “broad range of construction services” in the continental US, Alaska, and the Caribbean, with both a civil marine construction segment and a commercial concrete construction segment. The company describes its vision as “To be the premier specialty construction company, focused on providing solutions for our customers across the infrastructure, industrial, and building sectors, while preserving a solid financial foundation and maximizing stakeholder value.” Its “core values” include quality, production, safety, and integrity. Its heavy civil marine construction segment includes spud barges, tug boats, dredges, pile-driving rigs, cranes, marsh buggies, excavators, and dive support vessels, according to its description; its commercial concrete construction segment includes pump trucks, tower cranes, laser graders, and backhoes. The company trades on the New York Stock Exchange under the symbol ORN.
A class action lawsuit has already been filed in connection with Orion Group Holdings. If you wish to serve as lead plaintiff in the ORN lawsuit, you must move the Court no later than June 10, 2019. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.