Defendant Name:
Granite Construction Incorporated
Defendant Type:
Public Company
Document Reference:
LR-25507
Document Details
Legal Case Name
SEC v. Granite Construction Inc.
Document Name
SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
Document Date
15-Sep-2022
Document Format
Civil Proceeding
Case Number
22-cv-04857
Federal District Court
California, Northern District of California
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$12,000,000.00
Shared: