Diversified US infrastructure company Granite Construction (GVA) listed on the NASDAQ in 1997. In July 2019, the company reported a surprise loss in 2Q19 relating to non-cash charges at four legacy, unconsolidated heavy civil joint venture projects. This prompted an 18% share price decline and led to the initiation of class action complaint. In March 2020, the company announced that there would be a delay to its FY19 financials as it conducted an internal investigation. In February 2021, GVA concluded the investigation and announced that profits had been overstated by US$41m in FY18 (99% of total) and by US$36m in FY17 (52% of total). In April 2021, GVA settled the class action suit for US$129m which was finally approved in March 2022. In August 2022, the SEC announced that it had charged Granite Construction and a former Senior Vice President with fraud whilst clawing back bonuses and compensation from other senior executives. 

Last updated August 2022

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