Tutor Perini Corporation under Investor Investigation over potential excessive Executive Pay

July 19, 2011 - PRLog -- An investigation on behalf of current long term investors in shares of Tutor Perini Corporation  concerning possible breaches of fiduciary duties related to potential excessive compensation that was awarded to certain senior officers and executives at Tutor Perini Corp. was announced.

If you are a current long term investor in Tutor Perini Corporation  stock, and/or if you have any information relating the investigation including whistleblowers and former employees, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether the directors and officers of Tutor Perini Corporation harmed the company by breaching their fiduciary duties to shareholders. In particular the investigation on behalf of current long term investors in Tutor Perini  focuses on possible shareholder claims that certain of Tutor Perini’s senior officers and executive were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years.  

Tutor Perini’s CEO rose from $2.79million in 2008 to $11.89million in 2009 and $9million in 2010.

However, Tutor Perini's shareholders recently expressed their disdain for the executive pay packages by voting “no” on Tutor Perini Corporation's say on pay provision. Tutor Perini Corp. received about 50% opposition against its pay practices at its June 1 annual meeting, according to a company filing.

The investigation concerns possible claims that the prior compensation awarded Tutor Perini Corporation is improper based upon its current operating condition.

Tutor Perini’s annual Total Revenue fell from as high as $5.66billion in 2008 to $3.19billion in 2010. Its Net Income fell from $137.06million in 2009 to $103.50million in 2010. Tutor Perini’s first quarter Revenue fell from $865.08million for the first quarter in 2010 to $615.29million for the first quarter in 2011. Its first quarter Net Income fell from $20.93million a year earlier to $6.93million.

Shares of Tutor Perini Corp.  traded during 2010 at almost $25 per share and during April 2011 at $26.66. However recently NYSE- TPC shares closed under $18 per share.

The investigation seeks to determine whether certain senior officers and executives at Tutor Perini Corporation (TPC) were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that were excessive or unwarranted based on the Tutor Perini’s performance as compared to what senior officers and executives at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting.

Finally the investigation focuses also on possible shareholder claims that would allow NYSE-TPC stockholders to more efficiently influence or control future compensation decisions at Tutor Perini Corporation.

Those who are current long term investors in Tutor Perini Corporation (Public, NYSE- TPC) stock, and/or those who have any information relating the investigation including whistleblowers and former employees, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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