WASHINGTON–LAWFUEL –The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit on behalf of its client and a proposed class of all persons who purchased the securities of Michael Baker Corporation (AMEX:BKR) from March 19, 2007 through February 22, 2008, inclusive. Michael Baker provides engineering and operations and maintenance services for its clients. The lawsuit was filed in the United States District Court for the Western District of Pennsylvania.
The Complaint filed in the lawsuit charges that Michael Baker and certain of its officers and directors violated the Securities Exchange Act of 1934. According to the Complaint, during the period from March 19, 2007 through February 22, 2008 the defendants made false and misleading statements about the company’s financial well-being, business relationships, and prospects. Specifically, the Complaint alleges that the defendants’ false statements concealed from investors the fact that the company’s reported financial results for the first three quarters of 2007 were materially inaccurate and the fact that the company’s financial statements were not presented in accordance with Generally Accepted Accounting Principles (“GAAP”).
On February 22, 2008 Michael Baker surprised investors when it revealed that it would be restating its financial statements for the first, second and third quarters of 2007. The company said that accounting errors would reduce its consolidated earnings for those periods and that the reported results from those periods should not be relied upon. Upon the release of this news, the company’s shares declined $8.53 per share, or 23.63 percent, to close on February 25, 2008 at $27.57 per share, on unusually heavy trading volume.
If you purchased or otherwise acquired Michael Baker securities from March 19, 2007 through February 22, 2008 you may, no later than May 12, 2008, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the proposed class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time.
Cohen, Milstein has significant experience in prosecuting investor class actions. The firm has offices in Washington, D.C., London, New York, Philadelphia, Chicago and San Francisco, and is active in major litigation pending in federal and state courts throughout the nation. The firm’s website is www.cmht.com.
Cohen, Milstein’s reputation for excellence has been recognized on repeated occasions by courts which have appointed it to lead positions in complex multi-district or consolidated litigation. The firm has taken a lead role in numerous important cases on behalf of defrauded investors and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.