NEW YORK, April 13, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Orion Group Holdings, Inc. ("Orion" or the "Company") (NYSE: ORN). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Orion and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 18, 2018, Orion announced that it expected a significant revenue shortfall for the third quarter of 2018 due to production delays and that its Chief Financial Officer had resigned. On this news, Orion's stock price fell $0.68 per share, or over 10%, to close at $6.11 per share on October 18, 2018, on unusually heavy trading volume.
On March 18, 2019, Orion disclosed that it would be unable to timely file its annual report for 2018 due to "extended evaluations of goodwill impairment testing and income tax adjustments, among other things." Orion 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 stock price fell $0.52 per share, or over 12%, to close at $3.72 per share on March 18, 2019, on unusually heavy trading volume.
Then, on March 26, 2019, Orion reported a net loss of $94.4 million for the fourth quarter of 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge. On this news, Orion's stock price fell $0.22 per share, or nearly 7%, to close at $2.97 per share on March 26, 2019, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
