NEW YORK, Aug. 8, 2008 (LAWFUEL) — Bull & Lifshitz, LLP announces that a class action lawsuit has been commenced in the Massachusetts Superior Court on June 17, 2008 on behalf of shareholders of Perini Corp. (“Perini” or the “Company”) (NYSE:PCR) against the Company, Tutor-Saliba Corporation (“Tutor-Saliba”), and the individual members of Perini’s Board.
Under the terms of the Agreement and Plan of Merger (the “Merger
Agreement”) dated April 2, 2008, as amended, in exchange for all the
outstanding stock of Tutor-Saliba, Tutor-Saliba shareholders will
receive a total of 22,987,293 shares of Perini common stock,
representing approximately 45% of the outstanding Perini common stock
following the completion of the transaction (the “Merger”). The Merger
has been approved by Perini’s Board of Directors but requires the
approval of Perini’s common stockholders. Such shareholder approval,
among other matters, is being sought by the Perini Board of Directors
at the Perini annual meeting of shareholders that will be held on
September 5, 2008.
The Complaint alleges, among other things, various disclosure
violations in the proxy statements issued by Perini in connection with
the Merger between Perini and Tutor-Saliba. Plaintiff has alleged that
Perini’s shareholders are being denied their fundamental right to make
an informed decision on whether to vote for or against the Merger.
Additionally, the Complaint alleges that the Merger was agreed to
without any market check and that the Company’s financial advisor is
conflicted.
Plaintiff intends to seek injunctive relief, inter alia, enjoining the
shareholder vote scheduled for September 5, 2008 until additional
information is provided in the proxy materials concerning the Merger.
If you would like further information concerning your legal rights or
for an information package (www.nyclasslaw.com/infopackage.html),
please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via
telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at
counsel@nyclasslaw.com
