Orion Group Holdings, Inc.
| Company Name | Orion Group Holdings, Inc. |
| Stock Symbol | ORN |
| Class Period | March 13, 2018 to March 26, 2019 |
On March 18, 2019, Orion 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.” The Company 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.”
On this news, Orion’s share price fell $0.52, or 12.3%, to close at $3.72 per share on March 19, 2019, thereby injuring investors.
Then, on March 26, 2019, the Company 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.
On this news, Orion’s share price fell $0.22, or nearly 7%, to close at $2.97 per share on March 26, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had overstated goodwill in certain periods; (2) that the Company had overstated accounts receivable in certain periods; (3) that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts; (4) that, as a result, the required adjustments would materially impact the Company’s financial results; and (5) 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.
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