Shareholder Class Action Filed Against Technical Olympic USA, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
06 1월 2007 - 8:00AM
PR Newswire (US)
RADNOR, Pa., Jan. 5 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP: Notice is hereby given that a class action lawsuit
was filed in the United States District Court for the Southern
District of Florida on behalf of all securities purchasers of
Technical Olympic USA, Inc. (NYSE:TOA) ("TOUSA" or the "Company")
from August 1, 2005 through November 6, 2006, inclusive (the "Class
Period"). If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Schiffrin Barroway Topaz &
Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.)
toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
The Complaint charges TOUSA and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
More specifically, the Complaint alleges that the Company failed to
disclose and misrepresented the following material adverse facts
which were known to defendants or recklessly disregarded by them:
The complaint alleges that, throughout the Class Period, defendants
failed to disclose: (1) that the Company's debt related to its
joint venture involving Transeastern Properties, Inc. (the
"Transeastern Joint Venture") was not "non-recourse" debt; (2) as
such, the Company would be liable for full repayment of its
Transeastern Joint Venture debt upon the occurrence of certain
triggering events, including a declaration of bankruptcy by the
joint venture; (3) that, due to a severe slowdown in the housing
market, the Transeastern Joint Venture was experiencing significant
losses and would be unable to meet its projections; and (4) that,
as a consequence of the foregoing, the Company would likely lose
its investment in the Transeastern Joint Venture, including any
loans or receivables owed to it. On June 5, 2006, before the market
opened, TOUSA announced that the Company's second quarter net sales
had been negatively impacted due to decreased demand. On this news,
shares of TOUSA stock fell $1.61 per share, or 8.9 percent, to
close, on June 5, 2006, at $16.48 per share. TOUSA shares continued
to fall the next day, shedding an additional $1.30 per share, or
7.9 percent, to close, on June 6, 2006, at $15.18 per share. On
September 27, 2006, while the market was open, TOUSA announced that
the Company had met with the lenders to the Transeastern Joint
Venture to update them on the financial position of the joint
venture and the Florida housing market conditions. TOUSA also
reported that the Florida housing market had severely slowed, which
"negatively impacted the joint venture's ability to meet its
projections." On this news, shares of TOUSA's stock sank $1.47, or
12.1 percent, to close, on September 27, 2006, at $10.71, on heavy
trading volume. On November 6, 2006, after the market closed, the
Company shocked investors when it revealed in a Form 8-K filed with
the SEC that a declaration of bankruptcy by the Transeastern Joint
Venture would trigger the Company's obligation to repay its debts
related to the joint venture in full. On this news, shares of the
Company's stock plunged an additional $3.79, or 35.1 percent, to
close, on November 7, 2006, at $7.00, on unusually heavy trading
volume. Plaintiff seeks to recover damages on behalf of class
members and is represented by the law firm of Schiffrin Barroway
Topaz & Kessler which prosecutes class actions in both state
and federal courts throughout the country. Schiffrin Barroway Topaz
& Kessler is a driving force behind corporate governance
reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and
around the world. For more information about Schiffrin Barroway
Topaz & Kessler or to sign up to participate in this action
online, please visit http://www.sbtklaw.com/. If you are a member
of the class described above, you may, not later than February 12,
2007, move the Court to serve as lead plaintiff of the class, if
you so choose. A lead plaintiff is a representative party that acts
on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that
the class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin Barroway
Topaz & Kessler or other counsel of your choice, to serve as
your counsel in this action. CONTACT: Schiffrin Barroway Topaz
& Kessler, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq.
280 King of Prussia Road Radnor, PA 19087 1-888-299-7706
(toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin
Barroway Topaz & Kessler, LLP CONTACT: Darren J. Check, Esq. or
Richard A. Maniskas, Esq. of Schiffrin Barroway Topaz &
Kessler, LLP, +1-888-299-7706, or +1-610-667-7706, or Web site:
http://www.sbtklaw.com/
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Technical Olympic (NYSE:TOA)
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Technical Olympic (NYSE:TOA)
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부터 9월(9) 2023 으로 9월(9) 2024