Notice of Filing Securities Class Action Against Beazer Homes USA, Inc.
30 3์ 2007 - 7:00AM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP (๏ฟฝLerach
Coughlin๏ฟฝ) (http://www.lerachlaw.com/cases/beazer/) today announced
that a class action has been commenced in the United States
District Court for the Northern District of Georgia on behalf of
purchasers of Beazer Homes USA, Inc. (๏ฟฝBeazer๏ฟฝ) (NYSE:BZH) common
stock during the period between July 27, 2006 and March 27, 2007
(the ๏ฟฝClass Period๏ฟฝ). If you wish to serve as lead plaintiff, you
must move the Court no later than 60 days from today. If you wish
to discuss this action or have any questions concerning this notice
or your rights or interests, please contact plaintiff๏ฟฝs counsel,
William Lerach or Darren Robbins of Lerach Coughlin at 800/449-4900
or 619/231-1058, or via e-mail at wsl@lerachlaw.com. If you are a
member of this class, you can view a copy of the complaint as filed
or join this class action online at
http://www.lerachlaw.com/cases/beazer/. Any member of the purported
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. The complaint charges Beazer and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. Beazer designs, sells and builds primarily
single-family homes in various locations within the United States
and provides mortgage origination and title insurance services to
its homebuyers. The complaint alleges that during the Class Period
defendants issued false and misleading statements regarding the
Company๏ฟฝs business and prospects and failed to disclose to the
investing public the following adverse facts: (a) the Company
lacked requisite internal controls over its lending practices,
which, as a result of its improper lending practices prior to and
during the Class Period, would lead to numerous foreclosures and
other problems; (b) the Company๏ฟฝs business was growing in large
part due to its improper lending practices to low-income borrowers;
(c) many of the Company's buyers would not be able to pay their
loans after the first two years, which would lead to decreased
sales and earnings and numerous foreclosures; and (d) given the
increased volatility in the lending market, the Company had no
reasonable basis to make projections about its 2007 results and as
a result, the Company๏ฟฝs 2007 projections issued during the Class
Period were at a minimum reckless. As a result of defendants๏ฟฝ false
statements, Beazer stock traded at artificially inflated prices
during the Class Period, reaching a high of $48 per share in
December 2006, and the Company๏ฟฝs CEO and CFO were able to sell over
$9.7 million worth of their Beazer stock. On March 18, 2007, The
Charlotte Observer reported that federal housing officials were
reviewing whether Beazer complied with federal rules in arranging
government-insured loans for buyers in its subdivisions. On March
21, 2007, Beazer announced the resignation of its CFO. Then, on
March 27, 2007, after the market closed, the Company issued a press
release responding to media reports and inquiries into the
possibility of a federal investigation of the Company in connection
with alleged mortgage fraud. On this news, Beazer๏ฟฝs stock fell
$2.64 per share to close at $28.77 per share on March 28, 2007, a
one-day decline of 9% and a 40% decline from its Class Period high
of $48 per share. Plaintiff seeks to recover damages on behalf of
all purchasers of Beazer common stock during the Class Period (the
๏ฟฝClass๏ฟฝ). The plaintiff is represented by Lerach Coughlin, which
has extensive experience in prosecuting investor class actions and
actions involving financial fraud.
Beazer Homes USA (NYSE:BZH)
๊ณผ๊ฑฐ ๋ฐ์ดํฐ ์ฃผ์ ์ฐจํธ
๋ถํฐ 6์(6) 2024 ์ผ๋ก 7์(7) 2024
Beazer Homes USA (NYSE:BZH)
๊ณผ๊ฑฐ ๋ฐ์ดํฐ ์ฃผ์ ์ฐจํธ
๋ถํฐ 7์(7) 2023 ์ผ๋ก 7์(7) 2024