Greenberg Traurig's Legal Team Achieves Victory for Dale Swanberg Following SEC Dismissal of Charges

Greenberg Traurig's Legal Triumph for Dale Swanberg

On January 30, 2026, Greenberg Traurig's team, led by William Michael, Jr., co-chair of the Global Litigation Practice, celebrated a pivotal victory for Dale Swanberg when the Securities and Exchange Commission (SEC) formally dismissed civil securities fraud charges against him. This dismissal not only clears Swanberg’s name but also reestablishes his integrity and legacy in the heavy civil construction industry.

Michael expressed immense satisfaction with the SEC’s decision, highlighting that the dismissal of all charges stemmed from a comprehensive review of the facts, which ultimately revealed that the original allegations lacked any foundation. He remarked, “This outcome reinforces Mr. Swanberg's reputation for honesty and integrity.”

The case arose from Swanberg’s role at Granite Construction, where he oversaw the Large Projects Group. This division worked on complex projects—including dams, bridges, and highways—touting budgets exceeding billions. Due to the intricate nature of such projects and the multitude of cost codes involved, accurately forecasting costs has long posed challenges within the construction industry.

In 2021, Granite Construction updated its financial records for 2017-2019. This restatement prompted the SEC to initiate a civil investigation. While Granite reached a settlement, Swanberg opted not to violate his principles, maintaining that all his actions had been transparent and fully authorized by senior leadership and outside auditors.

Ultimately, the SEC opted to charge Swanberg individually with civil securities fraud. The defense team, comprising over 75 attorneys from Greenberg Traurig, embarked on a three-year journey of discovery, sifting through millions of pages of documents and conducting numerous depositions. Their efforts culminated in a detailed presentation that affirmed Swanberg’s transparency and the validity of the forecasting methods used at Granite.

This detailed analysis persuaded SEC enforcement staff to reevaluate their stance based on the evidence provided by Greenberg Traurig. It demonstrated discrepancies in how Granite's forecasts were approached compared to the standards set during the restatement of financial statements. Furthermore, the attorneys displayed that Swanberg’s forecasts had passed the scrutiny of both Granite’s senior leaders and external auditors, who posed significant inquiries and found the forecasts acceptable.

Following a thorough reexamination of controls and standards pertinent to Swanberg’s case, the SEC Enforcement Division determined that there was no valid basis for action against him. Consequently, the SEC Commission concurred with the recommendation for a voluntary dismissal of the case.

This significant resolution for Swanberg not only affirms his integrity but also highlights the considerable dedication and teamwork of the Greenberg Traurig legal team in managing a high-stakes situation.

Greenberg Traurig, LLP stands as a global entity with approximately 3,000 lawyers across numerous continents, delivering innovative legal services. The firm is dedicated to excellence, community service, and maintaining a strong relationship with clients, consistently ranking among the leading law firms worldwide. Their recognition as a top-tier law firm showcases their commitment to providing strategic legal guidance and advocacy in various industries. More information can be found at Greenberg Traurig.

As a result of this dismissal, Dale Swanberg can now continue his professional career unencumbered, reaffirming the importance of due process and integrity within the legal and corporate landscape.