Industry publication, December 2001

NYC 9/11 Public Portal Document

The arguments in the lawsuit are without merit, replies chief executive Brad E. Companies Larson. “It will have little impact on

NEW SHAREHOLDER SUES TO OUST BOARD OF MEADOW VALLEY CORP. months ending July 30, Meadow Valley’s revenues decreased 4%, to $80.8 million. APPARENTLY DISGRUNTLED OVER POOR Clark County, Nev., court. He wants to The company recorded a net loss of earnings, a recent investor in Phoenix- remove all seven board members be- $480,000, compared to net income of based Meadow Valley Corp, is suing to cause Meadow Valley’s initial filing with $243,000 in the first six months of 2000. oust the contractor’s directors. Las Vegas- the Securities and Exchange Commis­ In the past year, Meadow Valley ran based Silver State Materials Corp, and into trouble on several New Mexico road Chairman Cyrus 'W. Spurlino have ac­ cused Meadow Valley’s directors of “con­ l^aterials compan^; contracts. The prime contractor on one job and a subcontractor on another, spiracy” and “wrongful conduct” related Johnson Daley Construction Co., filed to board elections. But Spurlino says he’s about proL for bankruptcy protection in May, Its at­ really suing because he’s unhappy that torney says the state made a huge change the company isn’t more profitable and mmtalsb'wants on the project and that the state and that its shares have slid.

IBil Meadow Valley made his client bear the Spurlino and Silver State aren’t long­ financial load. Meadow Valley has $11.5 time stockholders. They began acquiring million in disputed overrun claims relat­ Meadow Valley shares on Nov. 28, 2000, ed to the projects. and together hold 15.8% of its stock. “They aren’t making profits,” says Spurlino’s company also is interested in sion in October 1995 “provided false and Spurlino, noting that the company’s buying the Las Vegas and Phoenix assets misleading statements.” The filing foiled shares have fallen to about $2. He could of Ready Mix Inc., a unit of Meadow Val­ to disclose that board members would not be reached for further comment as ley, says Steve Hill, president of Silver serve staggered terms. As a result, the to whether his assets of Ready Mix Inc. Sute. board elections are invalid, Spurlino had any bearing on his lawsuit. □ Spurlino’s lawsuit was filed Nov. 14 in says. Meadow Valley says that isn’t true. By Tony Illia

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December 3, 2001/ENR 19

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