Shareholder Investigation of Orion Group
Orion Group Holdings, Inc. (ORN) Accused of Overstating Goodwill and Accounts Receivable
According to the complaint for alleged violations of the Securities and Exchange Act of 1934 between March 13, 2018 and March 26, 2019, Orion Group Holdings, Inc. (ORN) reported $69.48 million in goodwill in its quarterly reports filed with the U.S. Securities and Exchange Commission for periods ended March 31, 2018 and June 30, 2018. On October 18, 2018, Orion announced it expected a significant shortfall for third quarter 2018 due to production delays and that it may perform an interim goodwill impairment test. On November 2, 2018, the company reported that it “determined it was not more likely than not that an impairment existed …” However, on Mach 18, 2019, Orion revealed it would be unable to timely file its annual report due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.” Then, on March 26, 2019, Orion 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. Orion’s stock has suffered as a result of its misstatements.
Orion Group Holdings, Inc. (ORN) Shareholders Have Legal Options
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