PHILADELPHIA, April 14, 2008 (PRIME NEWSWIRE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Western District of Pennsylvania, on behalf of purchasers of the securities of Michael Baker Corporation ("Baker Corp." or the "Company") (AMEX:BKR) from March 19, 2007 through February 22, 2008, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that the defendants made false and misleading statements about the Company's financial well-being, business relationships, and prospects. In this regard, the Complaint alleges that the defendants' false statements concealed from investors the fact that the Company's reported financial results for the first three quarters of 2007 were materially inaccurate and the fact that the Company's financial statements were not presented in accordance with Generally Accepted Accounting Principles ("GAAP"). On February 22, 2008, Baker Corp. surprised investors when it revealed that it would be restating its financial results for the first, second and third quarters of 2007. The Company said that accounting errors would reduce its consolidated earnings for those periods and that the reported results from those periods should not be relied upon. Upon 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.
If you purchased Michael Baker securities during the Class Period, you may, no later than May 12, 2008, move to be appointed as a Lead Plaintiff in this securities class action. A Lead Plaintiff is a representative, chosen by the Court, which acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Baker Corp. securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States and its reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of defrauded investors.
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