Law360, New York (July 29, 2011, 3:54 PM EDT) -- A Michigan retirement fund hit The Princeton Review Inc. with a class action Friday in Massachusetts claiming former CEO Michael Perik falsely touted strong earnings in 2009 as the test preparation company planned a $48 million stock sale.
The Washtenaw County Employees' Retirement System's suit claims Perik, who was hired in 2007 to put the Framingham, Mass.-based company back on a path to profit amid poor earnings, told investors in November 2009 that "the turnaround has worked."
Then, in April 2010, the company sold $48 million of stock at $3 per share, the suit says.
By November, however, Perik's tune changed,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!