Cases
The Police Retirement System of St. Louis v. Granite Construction Incorporated et al. - Settlement Amount: $129 Million
- Securities Class Action
Overview
Overview
| Status: | Status: Settled |
| Court: | Court: Northern District of California |
| Case Number: | Case Number: 19-CV-04744 |
| Lead Attorneys: | Lead Attorneys: George N. Bauer, Javier Bleichmar, Benjamin F. Burry, Evan A. Kubota, Ross Shikowitz, Sara Pildis Simnowitz, Thayne Stoddard |
| Settlement Amount: | Settlement Amount: $129,000,000 |
Background: Plaintiffs allege that Granite and its senior management fraudulently misrepresented the impact of several of the company’s largest joint venture construction projects on Granite’s business. Specifically, plaintiffs assert that Granite and its senior management understated the significant cost overruns and schedule delays that the Company was experiencing as well as their impact on Granite’s financial statements.
BFA’s Role: BFA is sole Lead Counsel for Court-appointed Lead Plaintiff the Police Retirement System of St. Louis.
Status: The Court appointed the Police Retirement System of St. Louis on November 26, 2019 and approved its choice of BFA as Lead Counsel on January 16, 2020. BFA filed an amended complaint on February 20, 2020. In May 2020, Judge Alsup denied defendants’ motion to dismiss. In January 2021, Judge Alsup certified the class, naming the Police Retirement System of St. Louis as class representative and Bleichmar Fonti & Auld LLP as class counsel. After beginning discovery and taking a number of depositions, the parties reached a $129 million settlement.
On March 17, 2022, Judge Alsup granted final approval of the settlement. In approving the settlement, Judge Alsup noted that the “$129 million settlement flowed from the hard work of class counsel, the discovery they took, the investigations they did, and their victories in court.” He further observed that “the $129 million settlement is almost entirely the result of the hard work of class counsel,” that “[c]lass counsel investigated this case in great depth,” and that class counsel’s efforts “plausibly led to a restatement” whereby Granite admitted that its financial statements could no longer be relied upon.
For more information about the settlement, please visit the settlement website at www.GraniteSecuritiesLitigation.com.