Beazer CEO Resolves SEC Clawback Claim
04 3월 2011 - 4:56AM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”)
announced today that its President and Chief Executive Officer, Ian
J. McCarthy, has reached a resolution with the United States
Securities and Exchange Commission of the previously disclosed
claim under Section 304 of the Sarbanes-Oxley Act. Under Section
304, where a public company corrects errors in its financial
statements resulting from misconduct, the SEC can clawback for the
company incentive cash and equity based compensation and stock
profits earned by the company’s CEO, even if he did not engage in
the misconduct. In resolving the claim against Mr. McCarthy, the
SEC did not personally charge him with engaging in the underlying
misconduct or allege that he otherwise violated the federal
securities laws. Under the terms of the settlement, Beazer will
receive approximately $6.5 million in cash plus certain vested and
unvested shares of Beazer stock.
In May of 2008, Beazer restated its financial statements
covering fiscal years 2002-2007. As previously disclosed, in 2008
and 2009 the company resolved the federal and state governmental
investigations into misconduct involving these financial
statements.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the
country's ten largest single-family homebuilders with continuing
operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New York, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Forward Looking Statements
This presentation contains forward-looking statements. These
forward-looking statements represent the Company’s 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 the Company’s control,
that could cause actual results to differ materially from the
results discussed in the forward-looking statements, including,
among other things, (i) changing market conditions, (ii) Beazer’s
cost of and ability to access capital and otherwise meet its
ongoing liquidity needs including the impact of any downgrades of
its credit ratings or reductions in its tangible net worth or
liquidity levels; (iii) acceptance of the terms of the exchange
offer by holders of the 9.125% Senior Notes due 2019 and (iv) the
Company’s ability to complete any offering under the shelf
registration statement. For more information, see the Company’s
filings with the Securities and Exchange Commission, including the
risk factors included under Item 1A of the Company’s Annual Report
on Form 10-K for its fiscal year ended September 30, 2010.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law,
Beazer does 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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