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 firstname.lastname@example.org.
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.
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 email@example.com