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Vestin Realty Mortgage I, Inc Message Board

  • d_22_22_22 d_22_22_22 Mar 18, 2008 8:35 PM Flag

    Shareholder Class Action Filed Against Michael Baker Corporation

    RADNOR, Pa., March 18 /PRNewswire/ -- The following statement was
    issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

    Notice is hereby given that a class action lawsuit was filed in the
    United States District Court for the Western District of Pennsylvania, on
    behalf of all purchasers of securities of Michael Baker Corporation (Amex:
    BKR) ("MBC" or the "Company") between March 19, 2007 and February 22, 2008,
    inclusive (the "Class Period").

    If you wish to discuss this action or have any questions concerning
    this notice or your rights or interests with respect to these matters,
    please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check,
    Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or
    1-610-667-7706, or via e-mail at info@sbtklaw.com.

    The Complaint charges MBC and certain of its officers and directors
    with violations of the Securities Exchange Act of 1934. MBC provides
    engineering, operations and maintenance services with primary business
    areas in aviation, environmental, facilities, geospatial information
    technologies, pipelines and utilities, transportation, water/wastewater,
    and oil and gas.

    The Complaint alleges that, throughout the Class Period, defendants
    failed to disclose material adverse facts about the Company's financial
    well-being, business relationships, and prospects. Specifically, defendants
    failed to disclose or indicate the following: (1) that the Company had
    misstated its financial results for the first three quarters of 2007; (2)
    that the Company's financial statements were not prepared in accordance
    with Generally Accepted Accounting Principles ("GAAP"); (3) that the
    Company lacked adequate internal and financial controls; and (4) that, as a
    result of the foregoing, the Company's financial statements were materially
    false and misleading at all relevant times.

    On February 22, 2008, the Company shocked investors when it revealed
    that it would be restating its financial statements for the first, second
    and third quarters of 2007. MBC stated that the accounting errors would
    reduce the Company's consolidated earnings for those periods and that the
    reported results from those periods should not be relied upon. Upon the
    release of this news, the Company's shares declined $8.53 per share, or
    23.63 percent, to close on February 25, 2008 at $27.57 per share, on
    unusually heavy trading volume.

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    • Plaintiff seeks to recover damages on behalf of class members and is
      represented by the law firm of Schiffrin Barroway Topaz & Kessler which
      prosecutes class actions in both state and federal courts throughout the
      country. Schiffrin Barroway Topaz & Kessler is a driving force behind
      corporate governance reform, and has recovered billions of dollars on
      behalf of institutional and individual investors from the United States and
      around the world.

      For more information about Schiffrin Barroway Topaz & Kessler or to
      sign up to participate in this action online, please visit
      http://www.sbtklaw.com

      If you are a member of the class described above, you may, not later
      than May 12, 2008, move the Court to serve as lead plaintiff of the class,
      if you so choose. A lead plaintiff is a representative party that acts on
      behalf of other class members in directing the litigation. In order to be
      appointed lead plaintiff, the Court must determine that the class member's
      claim is typical of the claims of other class members, and that the class
      member will adequately represent the class. Your ability to share in any
      recovery is not, however, affected by the decision whether or not to serve
      as a lead plaintiff. Any member of the purported class may move the court
      to serve as lead plaintiff through counsel of their choice, or may choose
      to do nothing and remain an absent class member.


      CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
      Darren J. Check, Esq.
      Richard A. Maniskas, Esq.
      280 King of Prussia Road
      Radnor, PA 19087
      1-888-299-7706 (toll free) or 1-610-667-7706
      Or by e-mail at info@sbtklaw.com

      SOURCE Schiffrin Barroway Topaz & Kessler, LLP

 
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