NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it is
investigating potential securities claims on behalf of shareholders of
Orion Group Holdings, Inc. (NYSE: ORN) resulting from allegations that
Orion may have issued materially misleading business information to the
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.
Rosen Law Firm is preparing a class action lawsuit to recover losses
suffered by Orion investors. If you purchased shares of Orion please
visit the firm’s website at https://www.rosenlegal.com/cases-register-1555.html
to join the class action. You may also contact Phillip Kim of Rosen Law
Firm toll free at 866-767-3653 or via e-mail at [email protected]
or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating
its practice in securities class actions and shareholder derivative
litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class
Action Services for number of securities class action settlements in
2017. The firm has been ranked in the top 3 each year since 2013. Rosen
Law Firm has secured hundreds of millions of dollars for investors.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
Madison Avenue, 34th Floor
New York, NY 10016
Toll Free: (866) 767-3653
Fax: (212) 202-3827