NEW YORK, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Beazer Homes USA, Inc. (“Beazer Homes” or the “Company”) (:BZH) of the August 5, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Beazer Homes stock or options between August 1, 2014 and May 2, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/BZH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to[email protected].
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Beazer Homes securities between August 1, 2014 and May 2, 2019 (the “Class Period”). The case, Strougo v. Beazer Homes USA, Inc. et al., No. 19-cv-05301 was filed on June 5, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Beazer Homes’ California assets classified as land held for future development were deteriorating in value or improperly valuated; (2) the foregoing created a foreseeable risk of an eventual substantial impairment that would negatively impact the profitability of the Company; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 2, 2019, Beazer Homes issued a press release announcing its financial and operating results for the second quarter of 2019. Among other issues, Beazer Homes announced a net loss from continuing operations of $100.8 million for the quarter, reflecting a $147.6 million impairment on certain California assets the Company had acquired before 2007. According to Defendants, all of the assets at issue were either currently or previously classified as land held for future development.
On this news, Beazer's stock price fell from $14.24 per share on May 2, 2019 to $12.51 per share on May 3, 2019: a $1.73 or 12.15% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Beazer Homes’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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