Legal Proceedings
−Removed: As previously disclosed, in February 2018, the Company filed a lawsuit against a customer in the United States District Court for the Western District of Pennsylvania (the “District Court”).
−Removed: The lawsuit was related to a dispute over work performed on a pipeline construction project.
−Removed: On November 21, 2022, the District Court issued a judgment in favor of the Company.
−Removed: On April 17, 2024, the United States Court of Appeals for the Third Circuit (the “Appeals Court”) affirmed the decision of the District Court.
−Removed: In May 2024, the Appeals Court denied petitions for a rehearing.
−Removed: This upheld the award granted by the District Court in November 2022.
−Removed: The Company received an approximately $15.6 million payment related to the lawsuit in May 2024.
On November 12, 2021, the Company received a withdrawal liability claim from a pension plan to which the Company made pension contributions for union construction employees performing covered work in a particular jurisdiction.
6 unchanged sentences
The Company has expensed all $164,000 in payments made through September 30, 2022 and does not expect any future liabilities related to this claim.
−Removed: The Company did not make any payments during the three and nine months ended June 30, 2024.
−Removed: Other than described above, at June 30, 2024, the Company was not involved in any legal proceedings other than in the ordinary course of business.
+Added: The Company did not make any payments during the three months ended December 31, 2024.
+Added: Other than described above, at December 31, 2024, the Company was not involved in any legal proceedings other than in the ordinary course of business.
The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business.
1 unchanged sentence
With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
−Removed: At June 30, 2024, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.
−Removed: Please see the information disclosed in the “Risk Factors” section of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on January 16, 2024.
+Added: At December 31, 2024, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.
+Added: Please see the information disclosed in the “Risk Factors” section of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on December 19, 2024.
There have been no material changes to the risk factors since the filing of the Annual Report on Form 10-K.
+Added: Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
+Added: (a) There have been no unregistered sales of equity securities during the period covered by the report.
+Added: (c) The Company did not repurchase shares of its common stock during the three months ended December 31, 2024.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.