secwatch.observer — SEC 8-K summary
======================================

Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2022-06-09T23:59:59+00:00
Accession:  0001104659-22-069680
Event type: litigation
Sentiment:  neutral
Materiality: 0.65
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Granite Construction reaches $7.5M derivative lawsuit settlement with governance reforms
--------------------------------------------------------------------------------

- D&O insurers to pay $7.5M to Granite; court approval hearing set for July 12, 2022.
- Board adopts reforms: audit committee meets 6x/year, risk committee oversight, director NACD training.
- Settlement releases claims against directors/officers for alleged breaches tied to 2019 project losses.
- Plaintiffs' counsel may seek up to $2.5M in fees from the settlement fund.
- Derivative actions stem from $106.7M charge and restatement of 2017-2019 financial results.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000110465922069680/0001104659-22-069680-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000110465922069680/tm2218109d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-069680

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer