NEW YORK, Aug. 22, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced 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 - January 17, 2008 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Perini common stock during the period described above, you have certain rights, and have until no later than October 20, 2008 in which to move for Lead Plaintiff status. 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.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: that the developer of Perini's Las Vegas, Nevada projects, including the CityCenter Project, had failed to secure financing for the entire project and was dependent upon raising the remainder of the financing from the expected sale of units at unrealistic and aggressive prices at a time when the condominium market in Las Vegas, Nevada was extremely weak, placing the developer at greater risk of defaulting on its construction loan; and that the Company's future profit was dependent upon the Las Vegas projects (constituting approximately 20% of backlog) and its ability to maintain its profit margins was in serious doubt. The complaint further alleges that after it was announced on January 17, 2008, 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," the value of the Company's common stock declined.