Perini Corporation Announces Court Approval of Class Action Settlement
September 28 2005 - 11:55AM
Business Wire
Perini Corporation (NYSE:PCR) announced today that the United
States District Court for the District of Massachusetts approved
the previously announced settlement of the class action lawsuit
filed by holders of Perini's $2.125 Depositary Convertible
Exchangeable Preferred Shares (the "Depositary Shares"). The
settlement will become final on October 24, 2005 assuming no
appeals are filed by that date. Under the terms of the settlement,
Perini will issue in exchange for all of the Depositary Shares
submitted in the settlement consideration per share of $19.00 in
cash and one share of Perini common stock. In addition, Frederick
Doppelt will resign from Perini's Board of Directors. Perini has
been advised by EquiServe Trust Company, N.A., the class
administrator for the settlement, that 374,185 Depositary Shares
will be participating in the settlement and 185,088 Depository
Shares have opted out of the settlement and will remain
outstanding. About Perini Corporation Perini Corporation is a
leading construction services company offering diversified general
contracting, construction management and design-build services to
private clients and public agencies throughout the world. We have
provided construction services since 1894 and have established a
strong reputation within our markets by executing large complex
projects on time and within budget while adhering to strict quality
control measures. We offer general contracting, preconstruction
planning and comprehensive project management services, including
the planning and scheduling of the manpower, equipment, materials
and subcontractors required for a project. We also offer
self-performed construction services including sitework, concrete
forming and placement and steel erection. We are known for our
hospitality and gaming industry projects, sports and entertainment,
educational, and healthcare facilities as well as large and complex
civil construction projects. For more information about Perini
Corporation, please visit our website at http://www.perini.com. The
statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including without limitation,
statements regarding the Company's expectations, hopes, beliefs,
intentions or strategies regarding the future. These
forward-looking statements are based on the Company's current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated
by the Company. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
the Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the potential delay,
suspension, termination or reduction in scope of a construction
project, the continuing validity of the underlying assumptions and
estimates of total forecasted project revenues, costs and profits
and project schedules; the outcomes of pending or future
litigation, arbitration or other dispute resolution proceedings;
the availability of borrowed funds on terms acceptable to the
Company; the ability to retain certain members of management; the
ability to obtain surety bonds to secure its performance under
certain construction contracts; possible labor disputes or work
stoppages within the construction industry; changes in federal and
state appropriations for infrastructure projects; possible changes
or developments in worldwide or domestic political, social,
economic, business, industry, market and regulatory conditions or
circumstances; and actions taken or not taken by third parties,
including the Company's customers, suppliers, business partners,
and competitors and legislative, regulatory, judicial and other
governmental authorities and officials. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
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