Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Purchasers of Perini Corp. Common Stock Between November 2, 2006 and J
September 15 2008 - 1:11PM
Marketwired
Dyer & Berens LLP (www.DyerBerens.com) today announced that it
has filed a class action 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, inclusive
(the "Class Period"). The complaint charges Perini and certain of
its officers with violations of the Securities Exchange Act of
1934.
If you are a purchaser of Perini common stock during the Class
Period, you have the right to petition the Court to be appointed a
"lead plaintiff." A lead plaintiff is a representative party that
acts on behalf of other class members in directing the litigation.
Any such request must satisfy certain criteria and be made on or
before October 20, 2008. 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. If you would like to discuss a potential lead plaintiff
appointment, or your rights and interests with respect to the
lawsuit, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362,
(303) 861-1764, or via email at jeff@dyerberens.com.
The class action complaint alleges that the defendants
misrepresented and failed to disclose: (a) that the developer of
Perini's Las Vegas, Nevada projects, including the Cosmopolitan
Resort & Casino 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.
On January 17, 2008, Perini announced 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, Perini's stock price plummeted more
than $10 per share to close at $27.65.
Plaintiff seeks to recover damages on behalf of all purchasers
of Perini common stock during the Class Period. The plaintiff is
represented by Dyer & Berens LLP, which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud. The firm's extensive experience
in securities litigation, particularly in cases brought under the
Private Securities Litigation Reform Act, has contributed to the
recovery of hundreds of millions of dollars for aggrieved
investors. For more information about the firm, please go to
www.DyerBerens.com.
Contact: Jeffrey A. Berens Dyer & Berens LLP 682 Grant
Street Denver, CO 80203 Tel: (888) 300-3362 or (303) 861-1764
Email: Email Contact
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