BFA Wins Ruling for Investors in Granite Construction Incorporated as Case ProceedsMay 20, 2020
On Wednesday, May 20, 2020, Judge William H. Alsup of the Northern District of California denied Defendants’ motion to dismiss Lead Plaintiff’s Amended Complaint in The Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. Case No. 3:19-cv-04744-WHA. The Amended Complaint alleges that defendants employed fraudulent accounting techniques in preparing financial reports for four fixed-price construction projects. Specifically, each of the projects experienced significant cost overruns, which defendants either understated or hid in Granite’s prepared financial reports. The Court denied defendants’ motion to dismiss, finding that Lead Plaintiff adequately “specifies 74 unique statements by defendants in earnings calls and 10-Q, 10-K, and 8-K financial reports in which defendants allegedly excluded known costs of $338.45 million and overstated revenues and earnings by $242 million.”
Javier Bleichmar and Peter Borkon serve as Lead Counsel representing Lead Plaintiff The Police Retirement System of St. Louis and the proposed class of persons or entities damaged as a result of acquiring Granite stock between April 30, 2018, and October 24, 2019.
A copy of Judge Alsup’s order can be found under Downloads to the right.