We are investigating Granite Construction Incorporated (GVA) (“Granite” or the “Company”) for potential violations of the federal securities laws.
On July 29, 2019, post-market, Granite announced its preliminary financial results for the second quarter of 2019. Disclosing a net loss per diluted share in the range of $2.05 to $2.10 for the quarter and revising its fiscal year 2019 guidance, Granite stated that its results were impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects. On this news, Granite’s stock price fell $7.98 per share, or 17.94%, to close at $36.49 per share on July 30, 2019.