Perini's Vegas Projects Hit With Class Action Suit
A federal class action lawsuit has been filed against Perini Corp. of Framingham alleging violations of the U.S. Securities and Exchange Act.
The suit, which seeks unspecified damages, was filed in Massachusetts District Court on behalf of holders of Perini Corp. common stock by New York law firm Coughlin Stoia Geller Rudman & Robbins, which is in the process of recruiting a lead plaintiff for the case.
The suit alleges that Perini failed to tell stock holders about financial problems with its Las Vegas projects. Those projects, the suit claims, were not fully financed and company officers and directors kept that information from stock holders while trying to sell residential real estate to cover the shortfall.
Perini never told stock holders that the Las Vegas projects could be delayed or halted, the suit claims, or that the company was at risk of defaulting on the project's construction loans and its profit margins were in doubt.
Wednesday, Perini said the state Superior Court had denied the plaintiff's request for expedited proceedings in a class action lawsuit opposing company's planned merger with Tutor-Sabila Corp. of California and alleging that shareholders were being treated unfairly in the merger agreement.
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