Lawsuit Overview
November 30, 2009 - The court ordered the case dismissed with prejudice.
November 23, 2009 - The lead plaintiffs filed a joint notice of plaintiffs' intent not to replead and stipulation of dismissal with prejudice.
October 7, 2009 - The court granted defendants' motions to dismiss and the case was dismissed without prejudice.
April 17, 2009 - Defendants filed motions to dismiss.
February 9, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Perini Corporation (NYSE: PCR now trading on the NYSE sheets as TPC due to name change to Tutor Perini Corporation) common shares between May 8, 2007 and January 17, 2008. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 8, 2007 and January 17, 2008.
December 10, 2008 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.
October 20, 2008 - Lead plaintiff motion was filed.
September 11, 2008 - Another investor filed a complaint.
August 20, 2008 - An investor in shares of Perini Corporation (NYSE: PCR now trading on the NYSE sheets as TPC due to name change to Tutor Perini Corporation) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Perini Corporation over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff charges Perini Corporation and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between November 2, 2006 and January 17, 2008 defendant issued materially false and misleading statements regarding Perini Corporation's business and financial results.
Specifically the complaint alleges among other things that the defendants failed to disclose: (a) that the developer of Perini Corporation'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. 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; (b) that Perini Corporation’s Las Vegas projects were being delayed, and could possibly be halted; (c) that the developer was in risk of defaulting on its construction loan; (d) that Perini Corporation’s future revenue and profit was dependent upon the Las Vegas projects since the projects consisted of approximately 20% of its backlog; and (e) as a result of the foregoing, Perini Corporation’s ability to maintain its profit margins was in serious doubt. Then, on January 17, 2008, Perini Corporation 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 Corporation's (NYSE: PCR) common stock fell $10.05 per share, or 27%, to close at $27.65 per share, on heavy trading volume. Plaintiff seeks to recover damages on behalf of all purchasers of Perini common stock between November 2, 2006 and January 17, 2008.