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Perini Corporation PCR Securities Stock Fraud

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Company: Perini Corporation
Ticker Symbol: PCR
Class Period: Nov-2-06 to Jan-17-08
Date Filed: Aug-20-08
Lead Plaintiff Deadline: Oct-19-08
Court: District Court for the District of Massachusetts
Allegations:
A class action suit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Perini Corp common stock during the period between November 2nd, 2006 and January 17th, 2008 over alleged materially false and misleading statements. According to the complaint the plaintiff alleges that Perini Corp. and certain of its officers and directors are in violation of the Securities Exchange Act of 1934 and that the defendants issued materially false and misleading statements between November 2nd, 2006 and January 17th, 2008. Specifically the complaint alleges among other things that the defendants failed to disclose that the developer of Perini Corp.'s Las Vegas, Nevada projects, including the CityCenter Project, was experiencing financial problems, that its Las Vegas projects were being delayed, and could possibly be halted and that the developer was in risk of defaulting on its construction loan.

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.' According to the complaint in response to this announcement, shares of the Perini Corp.'s common stock fell $10.05 per share, or 27%, to close at $27.65 per share, on heavy trading volume.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Perini Corporation PCR Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Perini Corporation securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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