Pomerantz LLP

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Orion Group Holdings, Inc.

We are investigating Orion Group Holdings, Inc. (ORN) (“Orion” or the “Company”) for potential violations of the federal securities laws. 

On October 18, 2018, Orion announced that it expected a significant revenue shortfall for the third quarter of 2018 due to production delays and that its Chief Financial Officer had resigned.  On this news, Orion’s stock price fell $0.68 per share, or over 10%, to close at $6.11 per share on October 18, 2018, on unusually heavy trading volume.  On March 18, 2019, Orion disclosed that it would be unable to timely file its annual report for 2018 due to “extended evaluations of goodwill impairment testing and income tax adjustments, among other things.”  Orion also announced that it “expects that a significant change in results of operations from the corresponding period for the last fiscal year will be reflected in its financial statements.”  On this news, Orion’s stock price fell $0.52 per share, or over 12%, to close at $3.72 per share on March 18, 2019, on unusually heavy trading volume.  Then, on March 26, 2019, Orion reported a net loss of $94.4 million for the fourth quarter of 2018 due to certain non-cash charges, including a $69.5 million goodwill impairment charge.  On this news, Orion’s stock price fell $0.22 per share, or nearly 7%, to close at $2.97 per share on March 26, 2019, on unusually heavy trading volume.