HARTFORD, Conn.– LAWFUEL – Law Firm Newswire –The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all those who purchased the common stock of Perini Corp. (“Perini” or the “Company”) (NYSE: PCR) between November 2, 2006 and January 17, 2008, inclusive (the “Class Period”).
The Complaint charges that Perini and certain of its officers and directors violated federal securities laws by issuing materially false statements that failed to disclose: (i) 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; (ii) that the Company’s Las Vegas projects were being delayed, and could possibly be halted; (iii) that the developer was at risk of defaulting on its construction loan; and (iv) that Perini’s future revenue was dependent upon the Las Vegas projects.
If you are a member of the class, you may, no later than October 20, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at [email protected], or visit our website: www.izardnobel.com.