Court Denies Plaintiff’s Request for Expedited Proceedings in Putative Class-Action Suit Regarding Perini Merger with Tutor-Saliba

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Perini Corporation (NYSE: PCR), a leading building, civil construction and construction management company, announced today that the Massachusetts Superior Court denied the plaintiff’s request for expedited proceedings regarding a putative class action suit brought in opposition to Perini’s proposed merger with Tutor-Saliba Corporation.

With the Court's denial of the motion, the litigation will proceed in an ordinary process. All defendants have moved to dismiss the litigation. Accordingly, Perini Corporation is not aware of any potential legal impediment to holding the shareholder vote on the proposed merger with Tutor-Saliba on schedule.

In this lawsuit, the plaintiff, who owns a total of 17 shares of Perini common stock, generally alleged that the Perini Board of Directors agreed to a share exchange ratio that was unfair to Perini shareholders, and that Perini's proxy statement provided shareholders inadequate disclosure about the proposed merger. The plaintiff, who is represented by Bull & Lifshitz, LLP, asked the Court to expedite proceedings so that she could have a hearing on a motion to enjoin the shareholder vote on the merger, which is scheduled for September 5, 2008.

On August 13, 2008, the judge denied the plaintiff’s request, finding that the plaintiff failed to make colorable claims or demonstrate that she would suffer irreparable harm requiring injunctive relief. The judge noted that the Securities and Exchange Commission’s approval of the final Perini proxy on August 6, 2008 “was a particularly persuasive indication that the proxy is adequate to permit shareholders to make an informed choice" regarding the proposed merger.

About Perini Corporation

Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design/build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.

We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including sitework, concrete forming and placement and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational, transportation, healthcare, biotech, pharmaceutical and high-tech facilities, as well as large and complex civil construction projects and construction management services to U.S. military and government agencies.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to successfully and timely complete construction projects; the Company’s ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties, including the Company’s customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials; the ability to obtain the approval of the transaction with Tutor-Saliba by Perini shareholders; the ability to satisfy the conditions to the transaction with Tutor-Saliba on the terms and expected timeframe or at all; transaction costs from the transaction with Tutor-Saliba; the effects of disruption from the transaction with Tutor-Saliba making it more difficult to maintain relationships with employees, customers, other business partners or government entities; the ability to realize the expected synergies resulting from the transaction with Tutor-Saliba in the amounts of in the timeframe anticipated and the ability to integrate Tutor-Saliba’s businesses into those of Perini in a timely and cost-efficient manner. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.