Shareholder Class Action Filed Against Perini Corporation by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
September 11 2008 - 6:00PM
PR Newswire (US)
RADNOR, Pa., Sept. 11 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP: Notice is hereby given that a class action lawsuit
was filed in the United States District Court for the District of
Massachusetts on behalf of all purchasers of securities of Perini
Corporation (NYSE:PCR) ("Perini" or the "Company") from November 2,
2006 to January 17, 2008, inclusive (the "Class Period"). If you
wish to discuss this action or have any questions concerning this
notice or your rights or interests with respect to these matters,
please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren
J. Check, Esq. or David M. Promisloff, Esq.) toll free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint
charges Perini and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Perini is a
construction services company offering general contracting,
construction management and design/build services to private
clients and public agencies. More specifically, the Complaint
alleges that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or
recklessly disregarded by them: (1) that the Company's projects in
Las Vegas were being subject to delays and risked being halted
altogether; (2) that the developer of Perini's Las Vegas projects
failed to secure financing for the entire project; (3) that the
developer of Perini's Las Vegas projects would have to raise the
remainder of the money from the sale of residential units at a time
when the residential market in Las Vegas was experiencing a
significant downturn; (4) that as a result, the developer of
Perini's projects was at risk of default on its construction loan;
(5) that the Company's future profit and revenue was heavily
dependent on the Las Vegas projects which consisted of 20% of the
Company's backlog; (6) that the Company lacked adequate internal
and financial controls; and (7) that, as a result of the foregoing,
the Company's statements about its financial well-being and future
business prospects were lacking in any reasonable basis when made.
On January 17, 2008, the Company shocked investors when it
announced that Deutsche Bank had delivered a notice of loan default
to the developer of the Cosmopolitan Resort Casino project under
construction in Las Vegas. Perini was the general contractor for
this project, and admitted that it was unable to determine the
financial impact this default notice would have on the Company.
Moreover, the Company disclosed that the work which remained to be
performed on the project totaled $1.4 billion. Upon the release of
this news, the Company's shares declined $10.05 per share, or 26.66
percent, to close on January 17, 2008 at $27.65 per share, on
unusually heavy trading volume. Plaintiff seeks to recover damages
on behalf of class members and is represented by the law firm of
Schiffrin Barroway Topaz & Kessler which prosecutes class
actions in both state and federal courts throughout the country.
Schiffrin Barroway Topaz & Kessler is a driving force behind
corporate governance reform, and has recovered billions of dollars
on behalf of institutional and individual investors from the United
States and around the world. For more information about Schiffrin
Barroway Topaz & Kessler or to sign up to participate in this
action online, please visit http://www.sbtklaw.com/ If you are a
member of the class described above, you may, not later than
October 20, 2008, move the Court to serve as lead plaintiff of the
class, if you so choose. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the purported 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. CONTACT:
Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq.
David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin Barroway Topaz & Kessler, LLP CONTACT:
Darren J. Check, Esq. or David M. Promisloff, Esq., both of
Schiffrin Barroway Topaz & Kessler, LLP, +1-888-299-7706,
+1-610-667-7706, Web site: http://www.sbtklaw.com/ http:///
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