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Aug 25, 2022 · The Securities and Exchange 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. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors ...
- 1 MONIQUE C. WINKLER (Cal . Bar No. 213031) - SEC.gov
Dale Swanberg is 59 years old and resides in Manhattan,...
- 1 MONIQUE C. WINKLER (Cal . Bar No. 213031) - SEC.gov
Aug 25, 2022 · Dale Swanberg ordered ‘rosier profit margin,’ SEC Says. The vice president of a northern California construction company was sued by the US Securities and Exchange Commission for fraudulent accounting in projects including bridges in New York. Dale Swanberg, 59, who lives in Manhattan, Illinois, and oversaw a unit of Granite Construction ...
- jrosenblatt@bloomberg.net
- Bloomberg News
Aug 30, 2022 · Dale Swanberg, a former senior vice president at Granite Construction Inc, has been charged with fraud by the US Securities and Exchange Commission (SEC). The SEC has accused Swanberg of inflating the financial performance of the Granite subdivision he managed between 2017 and 2019.
Dale Swanberg is 59 years old and resides in Manhattan, Illinois. From in or around January 2017 through October 2019, Swanberg served at Granite as a senior vice president and group manager who oversaw the company’s largest civil engineering projects, which represented about a quarter of the company’s reported revenues. RELATED ENTITY 14.
After Swanberg’s scheme was publicly disclosed, the price of Granite’s stock cratered. From October 2019 to March 2020, Granite stock price declined from a high of almost $35 per share to a low of approximately $12 per share. 4. Based on the foregoing, Granite, through Swanberg, violated the antifraud provisions of the federal securities laws.
Aug 25, 2022 · 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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Aug 25, 2022 · The Securities and Exchange Commission today 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.
