PHILADELPHIA, April 14, 2008 (Lawfuel) — 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.
