SOURCE: Dyer & Berens LLP

September 15, 2008 13:11 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Purchasers of Perini Corp. Common Stock Between November 2, 2006 and January 17, 2008 -- PCR

DENVER, CO--(Marketwire - September 15, 2008) - 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 Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact