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Case ID: 5171 | Stocks | 09/08/2008
According to a law firm press release, a class action was filed against real estate developer Perini Corporation. The complaint charges Perini and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Perini and its subsidiaries offer general contracting, construction management, and design-build services to private clients and public agencies worldwide.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the developer of Perini's Las Vegas, Nevada projects, including the CityCenter 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; (b) that the company'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 the Company'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, the Company's ability to maintain its profit margins was in serious doubt. Then, on January 17, 2008, the Company 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." In response to this announcement, shares of the Company's common stock fell $10.05 per share, or 27%, to close at $27.65 per share, on heavy trading volume.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against biopharmaceutical research company Allos Therapeutics, Inc., (Nasdaq:ALTH) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003, and April 29, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Stockholders who purchased World Wrestling Entertainment, Inc. (NYSE: WWE) common stock in its initial public offering (IPO) on October 19, 1999, have filed several class actions against the company, certain of its officers and directors, and certain of the underwriters of the IPO. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Threshold Pharmaceuticals, Inc. ("Threshold" or the “Company”) (Nasdaq:THLD - News) who purchased shares of the Company between February 4, 2005 and July 14, 2006 (the "Class Period"), including purchasers of shares pursuant to Threshold’s February 4, 2005 Initial Public Offering (“IPO”) and its October 12, 2005 follow-on offering, have until September 4, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action. A $4 billion class action lawsuit was filed on behalf of shareholders of Biovail Corporation against a variety of defendants including SAC Capital Management LLC and its founder, Gradient Analytics (formerly known as Camelback Research Alliance), and Banc of America Securities LLC, New York, as well as one of its securities analysts. Specifically, the lawsuit states that the action arises from a massive, illegal and continuing stock market manipulation scheme, which targeted the common stock of Biovail and severely harmed its investors, and which has resulted in immense ill-gotten profits for S.A.C. Capital and other extremely powerful hedge funds Several class actions have been filed against medical products and services company Cardinal Health, Inc., (NYSE:CAH) and certain of its officers and directors by stockholders who purchased the company's common stock between October 24, 2000, and June 30, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against chemical and pharmaceutical manufacturer Cambrex Corporation (NYSE: CBM) and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998, and July 25, 2003. |
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