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Violation Tracker Individual Record

Company: Granite Construction, Incorporated
Current Parent Company: Granite Construction
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $12,000,000
Year: 2022
Date: August 25, 2022
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: The SEC charged Granite Construction and its former senior vice president with fraud for inflating the financial performance of the major subdivision the executive managed. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors allegedly caused by the misconduct. The company agreed to pay $12 million to settle the SEC's charges.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: construction and engineering
Specific Industry of Current Parent: construction & engineering
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.