Beazer Homes Reaches Settlement in Securities Class-Action Lawsuit
06 5์ 2009 - 5:01AM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) (๏ฟฝthe
Company๏ฟฝ) announced that it has reached an agreement with lead
plaintiffs to settle the consolidated putative securities
class-action lawsuit originally filed in March 2007 in the United
States District Court for the Northern District of Georgia.
Under the terms of the proposed settlement, the lawsuit will be
dismissed with prejudice, and the Company and all other defendants
do not admit any liability and will receive a full and complete
release of all claims asserted against them in the litigation, in
exchange for the payment of an aggregate of $30.5 million. The
monetary payment to be made on behalf of the Company and the
individual defendants will be funded from insurance proceeds. As a
result, there will be no financial contribution by the Company. The
agreement is subject to court approval.
As stated in the settlement documents, the Company denies any
liability in connection with the litigation and denies the claims
asserted by the plaintiffs in the complaint. However, the Company
believes this settlement is in the best interest of the Company and
its stakeholders, as it eliminates the uncertainties, distractions,
burden and further expense associated with this litigation.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the
country๏ฟฝs ten largest single-family homebuilders with continuing
operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol ๏ฟฝBZH.๏ฟฝ
Forward Looking
Statements
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things, (i) the timing and final outcome of the United States
Attorney investigation and other state and federal agency
investigations, as well as the results of any other litigation or
government proceedings; (ii) additional asset impairment charges or
writedowns; (iii) economic changes nationally or in local markets,
including changes in consumer confidence, volatility of mortgage
interest rates and inflation; (iv) continued or increased downturn
in the homebuilding industry; (v) estimates related to homes to be
delivered in the future (backlog) are imprecise as they are subject
to various cancellation risks which cannot be fully controlled,
(vi) our ability to maintain the listing of our common stock on the
New York Stock Exchange, (vii) continued or increased disruption in
the availability of mortgage financing; (viii) our cost of and
ability to access capital and otherwise meet our ongoing liquidity
needs including the impact of any further downgrades of our credit
ratings or reductions in our tangible net worth or liquidity
levels; (ix) potential inability to comply with covenants in our
debt agreements; (x) increased competition or delays in reacting to
changing consumer preference in home design; (xi) shortages of or
increased prices for labor, land or raw materials used in housing
production; (xii) factors affecting margins such as decreased land
values underlying land option agreements, increased land
development costs on projects under development or delays or
difficulties in implementing initiatives to reduce production and
overhead cost structure; (xiii) the performance of our joint
ventures and our joint venture partners; (xiv) the impact of
construction defect and home warranty claims including those
related to possible installation of drywall imported from China and
the cost of investigation and remediation and availability of
insurance; (xv) delays in land development or home construction
resulting from adverse weather conditions; (xvi) potential delays
or increased costs in obtaining necessary permits as a result of
changes to, or complying with, laws, regulations, or governmental
policies and possible penalties for failure to comply with such
laws, regulations and governmental policies; (xvii) effects of
changes in accounting policies, standards, guidelines or
principles; or (xviii) terrorist acts, acts of war and other
factors over which the Company has little or no control.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, we do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
Beazer Homes USA (NYSE:BZH)
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Beazer Homes USA (NYSE:BZH)
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