August 20, 2008
Speed-up Denied In Perini Suit
Framingham construction giant Perini Corp. announced that the Massachusetts Superior Court has denied a request for expedited proceedings in a class action lawsuit opposing Perini's planned merger with Tutor-Saliba Corp. of California.
The suit, brought by shareholders represented by Bull & Lifshitz LLP of New York, claims that the Perini Board of directors agreed to a share exchange ratio that was unfair to Perini shareholders and that Perini's proxy statement provided inadequate information about the merger.
The company said the suit will now proceed in an ordinary process.
Bull & Lifshitz could not be reached for comment this morning.
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