Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Perini Corp.
August 20 2008 - 6:34PM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia")
(http://www.csgrr.com/cases/perini/) today announced that a class
action has been commenced in the United States District Court for
the District of Massachusetts on behalf of purchasers of Perini
Corp. ("Perini" or the "Company") (NYSE:PCR) common stock during
the period between November 2, 2006 and January 17, 2008 (the
"Class Period"). If you wish to serve as lead plaintiff, you must
move the Court no later than 60 days from today. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel,
Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at
800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If
you are a member of this class, you can view a copy of the
complaint as filed or join this class action online at
http://www.csgrr.com/cases/perini/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. The complaint charges Perini and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. Perini and its subsidiaries offer general contracting,
construction management, and design-build services to private
clients and public agencies worldwide. According to the complaint,
during the Class Period, defendants issued materially false and
misleading statements that misrepresented and failed to disclose:
(a) that the developer of Perini's Las Vegas, Nevada projects,
including the CityCenter Project, was experiencing financial
problems because it failed to secure financing for the entire
project and was dependent upon raising the remainder of the
financing from the expected sale of residential units. However, the
proceeds from the residential unit sales were based on unrealistic
and aggressive prices at a time when the condo market in Las Vegas,
Nevada was extremely weak; (b) that the Company's Las Vegas
projects were being delayed, and could possibly be halted; (c) that
the developer was in risk of defaulting on its construction loan;
(d) that the Company's future revenue and profit was dependent upon
the Las Vegas projects since the projects consisted of
approximately 20% of its backlog; and (e) as a result of the
foregoing, the Company's ability to maintain its profit margins was
in serious doubt. Then, on January 17, 2008, the Company issued a
press release announcing that Deutsche Bank "delivered a notice of
loan default to the developer of the Cosmopolitan Resort and Casino
project under construction in Las Vegas, Nevada." In response to
this announcement, shares of the Company's common stock fell $10.05
per share, or 27%, to close at $27.65 per share, on heavy trading
volume. Plaintiff seeks to recover damages on behalf of all
purchasers of Perini common stock during the Class Period (the
"Class"). The plaintiff is represented by Coughlin Stoia, which has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud. Coughlin Stoia, a
190-lawyer firm with offices in San Diego, San Francisco, Los
Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Coughlin Stoia Web site (http://www.csgrr.com) has
more information about the firm. Coughlin Stoia Geller Rudman &
Robbins LLP (�Coughlin Stoia�) (http://www.csgrr.com/cases/perini/)
today announced that a class action has been commenced in the
United States District Court for the District of Massachusetts on
behalf of purchasers of Perini Corp. (�Perini� or the �Company�)
(NYSE:PCR) common stock during the period between November 2, 2006
and January 17, 2008 (the �Class Period�). If you wish to serve as
lead plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff�s counsel, Samuel H. Rudman or David A. Rosenfeld of
Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at
djr@csgrr.com. If you are a member of this class, you can view a
copy of the complaint as filed or join this class action online at
http://www.csgrr.com/cases/perini/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. The complaint charges Perini and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. Perini and its subsidiaries offer general contracting,
construction management, and design-build services to private
clients and public agencies worldwide. According to the complaint,
during the Class Period, defendants issued materially false and
misleading statements that misrepresented and failed to disclose:
(a) that the developer of Perini�s Las Vegas, Nevada projects,
including the CityCenter Project, was experiencing financial
problems because it failed to secure financing for the entire
project and was dependent upon raising the remainder of the
financing from the expected sale of residential units. However, the
proceeds from the residential unit sales were based on unrealistic
and aggressive prices at a time when the condo market in Las Vegas,
Nevada was extremely weak; (b) that the Company�s Las Vegas
projects were being delayed, and could possibly be halted; (c) that
the developer was in risk of defaulting on its construction loan;
(d) that the Company�s future revenue and profit was dependent upon
the Las Vegas projects since the projects consisted of
approximately 20% of its backlog; and (e) as a result of the
foregoing, the Company�s ability to maintain its profit margins was
in serious doubt. Then, on January 17, 2008, the Company issued a
press release announcing that Deutsche Bank �delivered a notice of
loan default to the developer of the Cosmopolitan Resort and Casino
project under construction in Las Vegas, Nevada.� In response to
this announcement, shares of the Company�s common stock fell $10.05
per share, or 27%, to close at $27.65 per share, on heavy trading
volume. Plaintiff seeks to recover damages on behalf of all
purchasers of Perini common stock during the Class Period (the
�Class�). The plaintiff is represented by Coughlin Stoia, which has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud. Coughlin Stoia, a
190-lawyer firm with offices in San Diego, San Francisco, Los
Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Coughlin Stoia Web site (http://www.csgrr.com) has
more information about the firm.
Perini (NYSE:PCR)
Historical Stock Chart
From May 2024 to Jun 2024
Perini (NYSE:PCR)
Historical Stock Chart
From Jun 2023 to Jun 2024