Restatement of 2012 Financial Results
Great Lakes Dredge & Dock Company (GLDD) settled a Securities and Exchange Commission (SEC) inquiry into the company’s previously disclosed restatement of its financial results for the second and third quarters of 2012. The SEC alleged that GLDD overstated revenue in its demolition segment. Specifically, the demolition segment recorded revenue for pending change orders even though it did not have sufficient proof of customer acceptance of the pending change orders. Under the terms of the settlement, GLDD, without admitting or denying the findings of the SEC, consented to the entry of an administrative order and agreed to pay a fine of $150,000.
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|Great Lakes Dredge & Dock Corporation||$150,000|