A Shareholder Class Action Was Filed Against Perini Corporation

A Shareholder Class Action was filed against Perini Corporation, a construction services company offering general contracting, construction management and design/build service to private clients and public agencies.  The Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company’s projects in Las Vegas were being subject to delays and risked being halted altogether; (2) that the developer of Perini’s Las Vegas projects failed to secure financing for the entire project; (3) that the developer of Perini’s Las Vegas projects would have to raise the remainder of the money from the sale of residential units a time when the residential market in Las Vegas was experiencing a significant downturn; (4) that as a result, the developer of Perini’s projects was at risk of default on its construction loan; (5) that the Company’s future profit and revenue was heavily dependent on the Las Vegas projects which consisted of 20% of the Company’s backlog; (6) that the Company lacked adequate internal and financial controls; and (7) that, as a result of the foregoing, the Company statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.  The Class Action seeks to recover damages on behalf of class members.  For more information contact Scott Levensten.