Case Page

 

Case Status:    DISMISSED    
On or around 11/30/2009 (Court's order of dismissal)

Filing Date: August 20, 2008

The original complaint charges Perini and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Perini and its subsidiaries offer general contracting, construction management, and design-build services to private clients and public agencies worldwide.

According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the developer of Perini's Las Vegas, Nevada projects, including the CityCenter 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.

Then, on January 17, 2008, the Company issued a press release announcing 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 to this announcement, shares of the Company's common stock fell $10.05 per share, or 27%, to close at $27.65 per share, on heavy trading volume.

On December 10, 2008, U.S. District Judge Nathaniel M. Gorton granted the motion to consolidate two related actions, and approved the plaintiffs’ motion for lead plaintiff and approved selection of lead and liaison counsel. Plaintiffs Iron Workers District Council, Southern Ohio & Vicinity Pension Trust and Operating Engineers Construction Industry and Miscellaneous Pension Fund (collectively, the “Pension Fund Group”) are appointed lead plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP and Shapiro Haber & Urmy LLP are approved to serve as Lead and Liaison Counsel, respectively. On February 9, 2009, the lead plaintiff filed a First Consolidated Amended Complaint. On April 17, 2009, the defendants filed motions to dismiss the First Consolidated Amended Complaint.

On October 7, 2009, Judge Nathaniel M. Gorton signed the Memorandum and Order dismissing the case without prejudice. The plaintiffs were given leave to file a second amended complaint, but on November 23, 2009, the parties filed a Joint Notice of Plaintiffs' Intent not to Replead and Stipulation of Dismissal with Prejudice. On November 30, 2009, Judge Gorton signed the Order dismissing the action with prejudice.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Construction Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PCR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 08-CV-11449
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 08/20/2008
CLASS PERIOD START: 11/02/2006
CLASS PERIOD END: 01/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Shapiro Haber & Urmy LLP (Boston)
    53 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 08-CV-11449
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 02/09/2009
CLASS PERIOD START: 05/08/2007
CLASS PERIOD END: 01/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date