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Michael Baker Corporation Summary: According to a press release dated March 13, 2008, the Complaint charges that MBC and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and misleading statements inflating reported revenue from the Company's energy business segment.
After the close of the market on February 22, 2008, the Company announced that it would be filing a restatement of its first, second and third quarter 2007 financial statements to correct errors in MBC's revenue recognition practices in the energy business segment. The Company's February 22, 2008 disclosure revealed, inter alia, that the amount of the restatement might exceed the total earnings reported for the energy business segment for the first nine months of the 2007 fiscal year -- the business segment that accounted for almost 70 percent of the Company's total earnings for that period. Furthermore, the February 22, 2008 announcement disclosed that the Company was still evaluating whether it would need to restate earnings for fiscal year 2006 financial statements.
Following the issuance of the Company's February 22, 2008 press release, the price of the Company's common stock dropped from a closing price of $36.10 on February 22, 2008 to a closing price of $27.57 at the end of the next trading day.
INDUSTRY CLASSIFICATION:
SIC Code: 8741
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | Michael Baker Corporation |
| COMPANY/ISSUER TICKER: | BKR |
| COMPANY WEBSITE: | http://www.mbakercorp.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert T. Booth, et al. v. Michael Baker Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 3/13/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Randall Mewes, et al. v. Michael Baker Corporation, et al. | |||
| Type: Complaint | Date on the document: 03/18/2008 | ||
| Complaint - Class Action for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Richard Clayton, et al. v. Michael Baker Corporation, et al. | |||
| Type: Complaint | Date on the document: 3/31/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Unknown Plaintiff, et al. v. Michael Baker Corporation, et al. | |||
| Type: Complaint | Date on the document: 4/10/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Stephen P. Charlton, et al. v. Michael Baker Corporation, et al. | |||
| Type: Complaint | Date on the document: 4/10/2008 | ||
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