GVA - Granite Construction to pay $12M penalty in settlement with SEC

Granite Construction ( NYSE: GVA ) disclosed on Wednesday it agreed to pay a $12M civil penalty in a settlement with the SEC, subject to court approval, resolving the agency's previously disclosed investigation.

Under the deal terms, Granite Construction ( GVA ) agreed to the settlement without admitting or denying any allegations and will be enjoined from violating specified provisions of federal securities laws.

The company had self-reported alleged financial misconduct carried out by a former senior VP at the firm.

Granite Construction ( GVA ) shares have been "beaten up, and for good reason," but could "have a lot of runway ahead," Trading Places Research writes in an analysis newly published on Seeking Alpha .

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