GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER DERIVATIVE ACTION ON BEHALF OF SHAREHOLDERS OF GRANITE CONSTRUCTION INCORPORATED (NYSE: GVA)
A securities fraud class action complaint filed against Granite Construction Incorporated ($GVA) in federal court on behalf of investors who purchased shares of the Company’s stock between April 30, 2018 and October 24, 2019 has survived a motion to dismiss. That complaint alleged that Granite’s financial reporting violated Generally Accepted Accounting Principles (‘GAAP’) and rendered Granite’s financial results issued during the Class Period materially false and misleading. That case has survived a motion to dismiss, and those who have held shares since at least April 29, 2018, may have standing to make a shareholder derivative demand.
Current Granite Construction shareholders who purchased shares of the Company’s stock prior to April 30, 2018 have standing to seek corporate governance reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate.
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