Defendant Name: Granite Construction Incorporated

Defendant Type: Public Company
SIC Code: 1629
CUSIP: 38732810

Initial Case Details

Legal Case Name SEC v. Granite Construction, Incorporated
First Document Date 25-Aug-2022
Initial Filing Format Civil Proceeding
Case Number 22-cv-04857
Allegation Type Issuer Reporting and Disclosure
Federal District Court California, Northern District of California

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)

Resolutions

First Resolution Date 25-Aug-2022
Headline Total Penalty and Disgorgement $12,000,000

Related Documents:

comp-pr2022-150-granite 25-Aug-2022 Complaint
Complaint
The Commission stated: "This case involves financial reporting and accounting fraud carried out by a former executive at Granite Construction, Incorporated ('Granite'), an infrastructure-construction company based in Watsonville, California."
2022-150 25-Aug-2022 Press Release--Civil Action
SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
The Commission charged "Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed."
court_doc10_22-cv-04857 09-Sep-2022 Court Docket Document
Final Judgment as to Defendant Granite Construction Inc.
The Court stated: "Defendant Granite Construction, Inc. having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
LR-25507 15-Sep-2022 Litigation Release
SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
The SEC stated that: "[It] charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors allegedly caused by Swanberg's misconduct. The company agreed to pay $12 million to settle the SEC's charges."

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