Granite Restates Some Results After Probe; Cooperating With SEC

Granite Construction is restating some financial statements from 2017, 2018 and 2019 after an investigation found that previous statements could no longer be relied upon.

• Company says it voluntarily contacted and subsequently received subpoenas from the SEC Enforcement Division; company says it is fulfilling document requests from the SEC, and will continue to cooperate with the SEC in its investigation
• Company has determined that it did not maintain effective internal control over financial reporting and disclosure controls and procedures due to the existence of material weaknesses
• Granite reports a net loss of $1.29/share for 2019 compared with net income $0.01/share ...