Lawsuit Settled by Michael Baker Corp

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According to officials from the Michael Baker Corp the company has recently settled a class action lawsuit that was filed against it. The engineering and maintenance firm said that it is awaiting court approval on the settlement, but has not disclosed what the settlement figure for the class lawsuit was.

The firm has said that the settlement amount will be covered by its insurance, and whilst it did not provide any details of the lawsuit in a recent statement reports claim that the lawsuit was one that was filed by investors after the firm said that it would be restating financial results for 2007.

The report also claims that the firm’s decision to restate financial results for the first nine months of 2007 led to a number of class action lawsuits that were filed both against the company and against current and former officers at the corp.

The lawsuits are said to have been filed by people that purchased Michael Baker Corp shared between March 2007 and February 2008, and the lawsuit claimed that the company and its officer made false and misleading statements.

 

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