Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Perini Corp. to Inquire About the Lea
August 22 2008 - 2:16PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Massachusetts on behalf of purchasers of
the common stock of Perini Corp. ("Perini" or the "Company") (NYSE:
PCR) during the period between November 2, 2006 and January 17,
2008, inclusive (the "Class Period").
The complaint charges Perini and certain of its officers and
directors with violations under the Securities Exchange Act of
1934. No class has yet been certified in the above action. Members
of the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than October 20, 2008 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/332-0030) to answer any questions
you may have in that regard.
According to the complaint, during the Class Period, defendants
issued materially false and misleading statements that
misrepresented and failed to disclose: that the developer of
Perini's Las Vegas, Nevada projects, including the CityCenter
Project, had failed to secure financing for the entire project and
was dependent upon raising the remainder of the financing from the
expected sale of units at unrealistic and aggressive prices at a
time when the condominium market in Las Vegas, Nevada was extremely
weak, placing the developer at greater risk of defaulting on its
construction loan; and that the Company's future profit was
dependent upon the Las Vegas projects (constituting approximately
20% of backlog) and its ability to maintain its profit margins was
in serious doubt. The complaint further alleges that after it was
announced on January 17, 2008, 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," the
value of the Company's common stock declined.
If you have suffered a net loss for all transactions in Perini
Corp. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-332-0030, or at Brower Piven, A Professional
Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower
Piven have combined experience litigating securities and class
action cases of over 40 years. If you choose to retain counsel, you
may retain Brower Piven without financial obligation or cost to
you, or you may retain other counsel of your choice. You need take
no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/332-0030 Email Contact
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