PCR Perini Cp

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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