(Phys.org) —Asian carp are knocking on the door of the Great Lakes, but managers now can better pinpoint strategies to control their rapidly increasing population, according to a new model for tracking carp eggs developed by researchers at the University of Illinois and the United States Geological Survey. …read more
Source: FULL ARTICLE at Phys.org
Already ravaged by toxic algae, invasive mussels and industrial pollution, North America’s Great Lakes now confront another potential threat that few had even imagined until recently: untold millions of plastic litter bits, some visible only through a microscope. …read more
Source: FULL ARTICLE at Phys.org
By Mark Russell The SS Daniel J. Morrell was the second-to-last shipwreck on the Great Lakes, torn apart by a fierce blizzard on Nov. 28, 1966. Dennis Hale was the sole survivor of that wreck, and his harrowing tale is detailed in the Morning News . Hale had been sleeping when, around midnight, the…
A U.S.-Canadian panel urged both nations Friday to consider installing water retention structures to boost levels on Lake Huron and Lake Michigan, which fell to their lowest point on record in January and have lagged well below their historical average since the late 1990s.
Source: FULL ARTICLE at Phys.org
By Business Wirevia The Motley Fool
Filed under: Investing
Lieff Cabraser Reminds Great Lakes Dredge & Dock Corporation Investors of Upcoming Deadline in Class Action Lawsuits
SAN FRANCISCO–(BUSINESS WIRE)– Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the May 20, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of purchasers of the securities of Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NAS: GLDD) between August 7, 2012 and March 14, 2013, inclusive (the “Class Period“).
If you purchased Great Lakes securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 5, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Great Lakes shareholders who wish to learn more about the actions and how to seek appointment as lead plaintiff should click here or contact Brendan P. Glackin of Lieff Cabraser toll-free at (800) 541-7358.
Located in Oak Brook, Illinois, Great Lakes is the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services.
On March 14, 2013, the Company disclosed it had recognized revenue in 2012 in a manner not consistent with its accounting policy. It further revealed “a failure of internal controls to detect or prevent misstatements in [its] financial statements,” which was “material to [its] results of operations for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012.” The Company disclosed a “material weakness” in its disclosure controls, described as a deficiency (or series of deficiencies) in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Great Lakes‘ annual or interim financial statements will not be prevented or detected on a timely basis. The Company further revealed that “2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively.”
On that same day, Great Lakes‘ President and Chief Operating Officer, Bruce J. Biemeck, departed the Company. Biemeck previously served in 2012 as CFO to the Company.
Following these revelations, Great Lakes‘ share price plummeted, losing approximately 20% of its value and resulting in approximately $100 million in investor losses.
Source: FULL ARTICLE at DailyFinance
Floating plastic debris—which helps populate the infamous “Great Pacific Garbage Patch” in the Pacific Ocean—has become a problem in the Great Lakes, the largest body of fresh water in the world. Scientists reported on the latest findings from the Great Lakes here today at the 245th National Meeting & Exposition of the American Chemical Society (ACS), the world’s largest scientific society. …read more
Source: FULL ARTICLE at Phys.org
By Business Wirevia The Motley Fool
Filed under: Investing
Great Lakes Dredge Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS–(BUSINESS WIRE)– Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Great Lakes Dredge & Dock Corporation (“Great Lakes” or “Company”) (NasdaqGS: GLDD). The firms are investigating additional legal claims against the officers and Board of Directors of Great Lakes during the period of August 7, 2012 to March 14, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Great Lakes and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) the Company realized that certain change orders in its demolition segment awaiting client acceptance were included as revenue resulting in an overstatement of revenue by millions of dollars in revenue; and (b) there was weakness in the Company’s internal controls to detect or prevent misstatements in its financial statements. According to the complaint, when the Company announced that when these facts came to light and the Company would be required to restate its 2nd and 3rd quarter revenues, the stock plummeted.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Great Lakes‘ business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Great Lakes‘ officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Great Lakes stock for all shareholders,” said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of …read more
Source: FULL ARTICLE at DailyFinance
Nonnative species can affect the biogeochemistry of an ecosystem. For instance, Pacific salmon have been introduced as a sport fishery in many streams and lakes beyond their native range, but their introduction may be altering nitrogen cycling in those ecosystems. …read more
Source: FULL ARTICLE at Phys.org
Scientists from the University of Notre Dame, The Nature Conservancy, and Central Michigan University presented their findings of Asian carp DNA throughout the Great Lakes in a study published in the Canadian Journal of Fisheries and Aquatic Sciences. “The good news is that we have found no evidence that Asian carp are widespread in the Great Lakes basin, despite extensive surveys in Southern Lake Michigan and parts of lakes Erie and St Clair,” said Dr. Christopher Jerde, the paper’s lead author and a scientist at the University of Notre Dame, “Looking at the overall patterns of detections we remain convinced that the most likely source of Asian carp DNA is live fish.” …read more
Source: FULL ARTICLE at Phys.org
A scientific report says at least some Asian carp probably have reached the Great Lakes, but there’s still time to stop them from becoming established.
The paper released Thursday was written by scientists with the University of Notre Dame, The Nature Conservancy and Central Michigan University. It summarizes findings from a two-year search for the carp in and around the Great Lakes.
The scientists took 58 water samples that contained Asian carp DNA in waterways near Chicago. Six samples taken from Lake Erie also yielded positive hits.
Lead author Chris Jerde of Notre Dame says the likeliest explanation is that the DNA came from live carp, some of which may be in Lake Michigan.
The U.S. Army Corps of Engineers says the DNA could have come from other sources.
Source: FULL ARTICLE at Fox US News
By The Huffington Post News Editors
From AccuWeather’s Vickie Frantz:
The most violent tornado outbreak in U.S. history based on the number of EF-4 and EF-5 tornadoes occurred on April 3-4, 1974. There were 148 confirmed tornadoes during the outbreak. When it was over, 315 people were dead and 6,100 others were injured. Damages from the tornadoes were estimated to be a half billion dollars.
While forecasters knew severe weather was coming, the science of weather forecasting was not yet accurate enough to determine exactly where the storms would hit. The alerts put out by NOAA focused too far west, and the tornadoes wreaked havoc from the Deep South all the way to the Great Lakes.
Source: FULL ARTICLE at Huffington Post
Filed under: General Motors, Automotive Industry, Consumer Goods, Manufacturing, Stocks
By TOM KRISHER
DETROIT — General Motors plans to invest $332 million into four factories in three Great Lakes states to build new, more efficient engines and transmissions.
The spending at plants in Toledo, Ohio; Bedford, Ind.; and Flint and Bay City, Mich., will allow the company to build a new V-6 engine, a new small motor and new eight-speed automatic transmissions, GM said Thursday. The company also added $46 million to a prior investment at plants in Romulus and Saginaw, Mich., to build the new V-6.
No jobs will be added, but General Motors Co. (GM) said the investments preserve 1,650 jobs at the six factories.
The investment also will help GM build more six-speed automatic transmissions as auto sales continue to rise in the U.S. Sales this year are expected to climb as high as 15.5 million cars and trucks, 1 million more than last year. Through March, GM sales are up just over 9 percent.
GM wouldn’t give details about the new engines and transmissions, nor would it say what cars and trucks would get the new powertrains. It also wouldn’t say exactly when they would be available, for fear of tipping competitors to its product plans.
The company did say that the money will help start a new family of three- and four-cylinder engines that range from 1 liter to 1.5 liters. Presently the smallest motor GM makes in the U.S. is a turbocharged 1.4-liter four-cylinder that goes into the Chevrolet Cruze and Sonic, as well as other models.
Last summer CEO Dan Akerson told employees that the company was behind its competitors in engines and transmissions, saying that GM has six-speed transmissions when competitors have up to 10 gears. Transmissions with more gears allow engines to do less work and save fuel.
The investments announced Thursday should improve GM‘s technology in relation to its competitors, said Arvin Jones, GM North America manufacturing manager. “We think the investments we’re making will give us a competitive advantage and position us very well,” he told reporters.
The investments are part of $1.5 billion that GM plans to spend on its North American factories this year. So far the company has announced projects totaling $1.2 billion in the U.S. Another $250 million was announced for a GM assembly plant in Ingersoll, Canada.
The investments announced Thursday include:
Source: FULL ARTICLE at DailyFinance
By Brian D. Pacampara, The Motley Fool
Filed under: Investing
Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on big changes — just in case they’re material to our investing thesis.
What: Shares of Cliffs Natural Resources sank 13% today after a Wall Street analyst downgraded the iron ore miner from equal-weight to underweight.
So what: Along with the downgrade, Morgan Stanley cut its price target on the stock to $14 a share, representing a whopping 35% of downside to yesterday’s closing price. Although the stock has already been walloped over the past year, Morgan Stanley believes that the deteriorating U.S. iron ore market and Cliffs’ depleting reserves are still not fully baked into the price.
Now what: Expect the short term to remain extremely turbulent. “We believe that the supply demand balance in the isolated Great Lakes pellet market will deteriorate as up to ~13 mt of new supply comes online over the next ~3 years in a ~60 mt market,” wrote Morgan Stanley in a note. “As the only non-steelmaking producer in the region, we believe [Cliffs] will be most affected. US Iron Ore segment EBITDA could halve vs. 2012 levels.” Of course, with the stock now down a staggering 80% over the past year, long-term bargain hunters might want to take a closer look.
Interested in more info on Cliffs? Add it to your watchlist.
The article Why Cliffs Natural Shares Plunged Again originally appeared on Fool.com.
Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
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Source: FULL ARTICLE at DailyFinance
Western environmental groups say they’re alarmed that the U.S. Fish and Wildlife Service is considering a plan to end federal protections for gray wolves in areas where the animals no longer exist.
The groups say ending federal protections would keep wolves from expanding their range back into states that could support them, including Colorado and California.
The federal agency intends to announce this spring whether it will propose a blanket delisting of wolves in the lower 48 states. Wolves in the Northern Rockies and around the Great Lakes, where reintroduced populations are well-established, are already off the Endangered Species List.
The prospect of the national delisting has prompted members of Congress on both sides of the issue to lobby the Fish and Wildlife Service Director Dan Ashe.
America’s second-longest interstate begins its 2900-mile transcontinental journey westward near Teaneck, New Jersey. Soon after, I-80 jumps the Delaware Water Gap and serpentines through the Allegheny Mountains. It skirts the Great Lakes and then fights the headwinds in a stair-stepped dash across the Great Plains. By running across the very tops of Indiana and Ohio, I-80 has also produced two different schemes by overdrawn state governments to raise cash from one of America’s vital arteries. And both plans raise questions about the privatization of public roads. READ MORE ››
By Business Wirevia The Motley Fool
Filed under: Investing
Lieff Cabraser Investigating Possible Securities Fraud at Great Lakes Dredge & Dock Corporation
SAN FRANCISCO–(BUSINESS WIRE)– The law firm of Lieff Cabraser Heimann & Bernstein, LLP is investigating potential accounting and securities fraud at Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company) (NAS: GLDD) .
If you have information relating to this investigation or purchased or acquired shares of Great Lakes prior to March 14, 2013, we encourage you to click here or contact Brendan P. Glackin of Lieff Cabraser toll-free at 1 (800) 541-7358.
Background on the Great Lakes Investigation
Located in Oak Brook, Illinois, Great Lakes is the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services. For the year ended December 31, 2012, Great Lakes reported Revenue of $687.6 million (9.6% increase from previous year), Net Loss of $2.7 million and Adjusted EBITDA of $60.9 million. For the year ended December 31, 2011, Great Lakes reported Revenue of $627.3 million, Net Income of $16.5 million and adjusted EBITDA $93.7 million.
On March 14, 2013, the Company disclosed it had recognized revenue in 2012 in a manner not consistent with its accounting policy. It further revealed “a failure of internal controls to detect or prevent misstatements in [its] financial statements,” which was “material to [its] results of operations for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012.” The Company disclosed a “material weakness” in its disclosure controls, described as a deficiency (or series of deficiencies) in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Great Lakes‘ annual or interim financial statements will not be prevented or detected on a timely basis. The Company further revealed that “2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively.”
On that same day, Great Lakes‘ President and Chief Operating Officer, Bruce J. Biemeck, departed the Company. Biemeck previously served in 2012 as CFO to the Company.
Following these revelations, Great Lakes‘ share price plummeted, losing approximately 20% of its value and resulting in approximately $100 million in investor losses.
Lieff Cabraser Heimann & Bernstein, LLP, with offices in …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
Great Lakes Dredge & Dock Corp. Subject to Investigation by Finkelstein Thompson LLP
WASHINGTON–(BUSINESS WIRE)– Law firm Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders in Great Lakes Dredge & Dock Corp. (NAS: GLDD) , whose share price declined dramatically following reports that it intended to restate its second- and third-quarter results because of problems with the way it recorded revenue. If you are interested in discussing your rights as a Great Lakes shareholder, or have information relating to this investigation, please contact Finkelstein Thompson‘s Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
On March 13, 2013, the company disclosed it had recognized revenue in a manner not consistent with its accounting policy. It further revealed “a failure of internal controls to detect or prevent misstatements in [its] financial statements,” which was “material to [its] results of operations for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012. Finally, the company revealed a “material weakness” in its disclosure controls, described as a deficiency (or series of deficiencies) in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Great Lakes‘ annual or interim financial statements will not be prevented or detected on a timely basis.
On that same day, Great Lakes‘ President and Chief Operating Officer departed the company. Following these revelations, Great Lakes‘ share price plummeted, losing significant value. Finkelstein Thompson is investigating what remedies may be available to Great Lakes shareholders to recover those losses, and whether the actions leading to these losses were the result of breaches of fiduciary duties by the company’s management.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and courts have appointed it lead or co-counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
To learn more about Finkelstein Thompson LLP, please visit our website at www.finkelsteinthompson.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Finkelstein Thompson LLP
L. Kendall Satterfield, 202-337-8000
KEYWORDS: United States North America District of Columbia Illinois
INDUSTRY KEYWORDS:
The article Great Lakes Dredge & Dock Corp. Subject to Investigation by Finkelstein Thompson LLP originally appeared on Fool.com.
By Business Wirevia The Motley Fool
Filed under: Investing
Great Lakes Reports Year-End Results
Dredging Segment Earns Revenue of $587 Million
Company Maintains Over $400 Million in Backlog
Misses Adjusted EBITDA Guidance
Restates Second and Third Quarter 2012 Results
Announces Departure of Bruce Biemeck, President and COO
OAK BROOK, Ill.–(BUSINESS WIRE)– Great Lakes Dredge & Dock Corporation (NAS: GLDD) , the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today reported financial results for the quarter and year ended December 31, 2012.
For the three months ended December 31, 2012, Great Lakes reported Revenue of $207.1 million, Net Income attributable to Great Lakes of $0.3 million and Adjusted EBITDA of $21.3 million. For the year ended December 31, 2012, Great Lakes reported Revenue of $687.6 million, Net Loss attributable to Great Lakes of $2.7 million and Adjusted EBITDA of $60.9 million.
The Company will amend its September 30, 2012 and June 30, 2012 Quarterly Reports on Form 10-Q which will delay its filing of the 2012 Form 10-K. The Company expects to file its 2012 Form 10-K and amendments to its September 30, 2012 and June 30, 2012 Quarterly Reports on Form 10-Q by March 29, 2013. The Company will also identify and disclose a material weakness in internal control over financial reporting.
Restatement of Second and Third Quarters
During the preparation of its year-end financial statements, the Company identified instances in its demolition segment where revenue was recognized in a manner not consistent with Great Lakes‘ accounting policy. Great Lakes‘ policy regarding pending change orders is to immediately recognize the costs but defer the recognition of the related revenue until the recovery is probable and collectability is reasonably assured. Certain pending change orders where client …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
Great Lakes Dredge & Dock Corporation Schedules Announcement of 2012 Full Year Results
OAK BROOK, Ill.–(BUSINESS WIRE)– Great Lakes Dredge & Dock Corporation (NAS: GLDD) announced that it will release its financial results for the quarter and year ended December 31, 2012 today at market close. A conference call with the Company will be held on Friday, March 15, 2013 at 8:00 a.m. C.D.T. The call in number is 877-377-7553 and Conference ID is 23701956. The conference call will be available by replay until Wednesday, March 20, 2013, by calling 800-585-8367 and providing Conference ID 23701956. The live call and replay can also be heard on the Company’s website, www.gldd.com, under Events & Presentations on the investor relations page. A copy of the press release will be available on the Company’s website.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging service provider with significant international operations. The Company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. The Company owns a 50% interest in a marine sand mining operation in New Jersey that supplies sand and aggregate for road and building construction and a 50% interest in an environmental service operation with the ability to remediate contaminated soil and dredged sediment treatment. Great Lakes employs more than 150 degreed engineers, most specializing in civil and mechanical engineering, which contributes to its 122-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes owns the largest and most diverse fleet in the U.S. industry, comprised of over 200 specialized vessels.
Great Lakes Dredge & Dock Corporation
Katie Hayes, 630-574-3012
Director of Investor Relations
KEYWORDS: United States North America Illinois
INDUSTRY KEYWORDS:
The article Great Lakes Dredge & Dock Corporation Schedules Announcement of 2012 Full Year Results originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
By Dan Dzombak, The Motley Fool
Filed under: Investing
Shell recently announced it would build two new liquefied natural gas (LNG) fuel plants to supply all types of heavy-duty natural gas vehicles. Shell’s general manager for the America’s, James Burns, estimated these will double the liquefied-gas manufacturing capacity in the U.S. and Canada.
LNG is not to be confused with compressed natural gas, or CNG, which is used in cars and light-duty trucks. LNG is used in large-scale trucks, boats, and industrial uses. It is better for large vehicles to use LNG as it is much denser than CNG, requiring less storage space on board. With CNG or LNG, the big draw is cheaper refueling costs. A gallon of CNG ranges in price from $0.80 to $1.70.
Challenges
As my colleague Arjun Sreekumar wrote recently, there are two challenges holding back natural gas vehicles:
1. High up-front costs.
2. Limited refueling capacity.
For truckers and other heavy users of fuel, the cheaper refueling costs easily make up for the high up-front costs in around a year. It’s really the limited refueling capacity that is holding truckers back from making the switch.
The limited refueling capacity is being worked on by the likes of Clean Energy Fuels and TravelCenters of America to make LNG a viable option for truckers in the future. Clean Energy Fuels, with financial backing from Chesapeake Energy , is developing a network of 150 LNG stations at Flying J truck stops across the county. For its part, TravelCenters of America signed a memorandum of understanding with Shell in June 2012 to build natural gas refueling lanes at around 100 TravelCenters of America truck stops around the country.
When Shell announced on Monday its new liquefaction plants, it also announced that these would be the basis for two new natural gas refueling networks. The first would be in the Gulf Coast Corridor (Texas and Louisiana) with the liquefaction unit at its facility in Geismar, Louisiana with distribution provided by a subsidiary of Martin Midstream Partners .
The second network would be in the Great Lakes Corridor with the liquefaction unit at its facility in Sarnia, Ontario, Canada. This facility will provide LNG to all five Great Lakes as well all the bordering U.S. states and Canadian provinces.
Once these networks are complete we should see more and more truckers begin using LNG for fuel, hopefully starting a virtuous cycle of refueling stations deciding on their own to add LNG and CNG refueling options.
Foolish bottom line
There are many different ways to play the energy sector, and The Motley Fool’s analysts have uncovered an under-the-radar company that’s dominating its industry. This company is a leading provider of equipment and components used in drilling and production operations, and poised to profit in a big way from it. To get the name and detailed analysis of this company that will prosper for years to come, check out the special free report: “The Only Energy Stock You’ll …read more
Source: FULL ARTICLE at DailyFinance
