HARTFORD, Conn., March 13, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that it has filed a lawsuit seeking class action status on behalf of all persons who purchased the common stock of Michael Baker Corporation ("MBC" or the "Company") (Nasdaq:BKR) between March 19, 2007 and February 22, 2008, inclusive (the "Class Period"). The action is pending in the United States District Court for the Western District of Pennsylvania at docket number 2:08-cv-370.
The Complaint charges that MBC and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and misleading statements inflating reported revenue from the Company's energy business segment.
After the close of the market on February 22, 2008, the Company announced that it would be filing a restatement of its first, second and third quarter 2007 financial statements to correct errors in MBC's revenue recognition practices in the energy business segment. The Company's February 22, 2008 disclosure revealed, inter alia, that the amount of the restatement might exceed the total earnings reported for the energy business segment for the first nine months of the 2007 fiscal year -- the business segment that accounted for almost 70 percent of the Company's total earnings for that period. Furthermore, the February 22, 2008 announcement disclosed that the Company was still evaluating whether it would need to restate earnings for fiscal year 2006 financial statements.
Following the issuance of the Company's February 22, 2008 press release, the price of the Company's common stock dropped from a closing price of $36.10 on February 22, 2008 to a closing price of $27.57 at the end of the next trading day.
If you purchased MBC stock during the Class Period, you may, no later than May 12, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
For more information about the case, its claims, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com. To view a copy of the complaint filed by Schatz Nobel Izard P.C. or for more information about class action cases and Schatz Nobel Izard, please visit our website: www.snilaw.com.