Item 7.01 Regulation FD Disclosure.
On April 14, 2021, Granite Construction Incorporated entered into a memorandum
of understanding to settle the previously disclosed securities class action
litigation filed in the United States District Court for the Northern District
of California titled Police Retirement System of St. Louis v. Granite
Construction Incorporated, et al., which was filed in August 2019. The
settlement is subject to entering into a final settlement agreement and court
approval.
Forward-Looking Statements
Any statements contained in this Current Report on Form 8-K that are not based
on historical facts, including statements regarding future events, occurrences,
circumstances, activities, performance, growth, demand, strategic plans,
outcomes, outlook, guidance, backlog, Committed and Awarded Projects ("CAP"),
results and the settlement of the previously disclosed securities class action
litigation titled Police Retirement System of St. Louis v. Granite Construction
Incorporated, et al. and the entry into a final settlement agreement and court
approval of the settlement constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are identified by words such as "future," "outlook,"
"assumes," "believes," "expects," "estimates," "anticipates," "intends,"
"plans," "appears," "may," "will," "should," "could," "would," "continue," and
the negatives thereof or other comparable terminology or by the context in which
they are made. These forward-looking statements are estimates reflecting the
best judgment of senior management and reflect our current expectations
regarding future events, occurrences, circumstances, activities, performance,
growth, demand, strategic plans, outcomes, outlook, guidance, backlog, CAP,
results, the settlement of the previously disclosed securities class action
litigation titled Police Retirement System of St. Louis v. Granite Construction
Incorporated, et al. and the entry into a final settlement agreement and court
approval of the settlement. These expectations may or may not be realized. Some
of these expectations may be based on beliefs, assumptions or estimates that may
prove to be incorrect. In addition, our business and operations involve numerous
risks and uncertainties, many of which are beyond our control, which could
result in our expectations not being realized or otherwise materially affect our
business, financial condition, results of operations, cash flows and liquidity.
Such risks and uncertainties include, but are not limited to, the entry into a
final settlement agreement, the court approving the final settlement agreement,
including the terms of the settlement and those described in greater detail in
our filings with the Securities and Exchange Commission, particularly those
specifically described in our Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking
statements, the reader is cautioned not to place undue reliance on them. The
reader is also cautioned that the forward-looking statements contained herein
speak only as of the date of this Current Report on Form 8-K and, except as
required by law; we undertake no obligation to revise or update any
forward-looking statements for any reason.
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