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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses red underlining to emphasize the connection between the board members and the fraudulent activity at Granite Construction.",
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      "text": "Spruce Point's concerns over Limbach's potentially aggressive accounting methods are heightened considering two of its board members, Laurel Krzeminski and Michael McNally, have significant ties to Granite Construction, Inc. (NYSE:GVA).",
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      "kind": "paragraph",
      "text": "SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud",
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      "text": "Washington D.C., Aug. 25, 2022 - The Securities and Exchange Commission today charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed.",
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      "text": "MICHAEL F. MCNALLY. Michael F. McNally has served as a director of the Company since September 2017. Mr. McNally has also served as a director of Granite Construction Incorporated (NYSE:GVA) (\"Granite\") since 2016.",
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      "text": "LAUREL KRZEMINSKI. Laurel Krzeminski has served as a director of the Company since June 2018. Ms. Krzeminski served as the Chief Financial Officer (\"CFO\") of Granite Construction Incorporated (NYSE: GVA) from November 2010 until her retirement in July 2018.",
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      "text": "Source: SEC press release, Limbach Board Biographies, Red line emphasis by Spruce Point",
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      "text": "Two Limbach Board Members Have Significant Ties To Granite Construction",
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