Orion Group Holdings, Inc. (NYSE: ORN) Investor Securities Class Action Lawsuit 04/11/2019

If you purchased a significant amount of shares of Orion Group Holdings, Inc. (NYSE: ORN) between March 13, 2018 and March 26, 2019, and / or if you purchased any NYSE: ORN shares prior to March 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2019. NYSE: ORN investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Orion Group Holdings
Case Name: 
Orion Group Holdings Shareholder Class Action Lawsuit 04/11/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ORN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/11/2019
Class Period Begin: 
03/13/2018
Class Period End: 
03/26/2019
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
06/10/2019
Summary: 

An investor in shares of Orion Group Holdings, Inc. (NYSE: ORN) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Orion Group Holdings, Inc. in connection with certain allegedly false and misleading statements made between March 13, 2018 and March 26, 2019.

Houston, TX based Orion Group Holdings, Inc. operates as a specialty construction company in the building, industrial, and infrastructure sectors in the continental United States, Alaska, Canada, and the Caribbean Basin. Orion Group Holdings, Inc. reported that its annual Total Revenue rose from $578.23 million in 2016 to $578.55 million in 2017 and that its Net Loss declined from $8.06 million in 2016 to $3.62 million in 2017.

On March 18, 2019, Orion Group Holdings, Inc 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.” Orion Group Holdings, Inc 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.”
Then, on March 26, 2019, Orion Group Holdings, Inc 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.

Shares of Orion Group Holdings, Inc. (NYSE: ORN) declined from $9.73 per share in August 2018 to as low as $2.70 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Orion Group Holdings, Inc. (NYSE: ORN) common shares between March 13, 2018 and March 26, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 13, 2018 and March 26, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that the Company had overstated goodwill in certain periods, that the Company had overstated accounts receivable in certain periods, that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts, that, as a result, the required adjustments would materially impact the Company’s financial results, and 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.