Business Wire 14-Jun-2019 4:33 PM
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Beazer Homes USA, Inc. ("Beazer Homes" or the "Company") (NYSE: BZH) securities between August 1, 2014 and May 2, 2019, inclusive (the "Class Period"). Beazer Homes investors have until August 5, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Beazer Homes investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 2, 2019, the Company issued a press release regarding its financial and operating results for the second quarter of 2019, reporting a net loss from continuing operations of $100.8 million for the quarter reflective of a $147.6 million impairment on certain California assets acquired by the Company before 2007. The assets in question were currently and previously reported by the Company as land held for future development.
On this news, the Company's share price fell $1.73, or nearly 12%, to close at $12.51 on May 3, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Beazer Homes, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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