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Oklahoma City, OK (June 6, 2019) – On June 5, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Beazer Homes USA, Inc. (NYSE: BZH). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 1, 2014 through May 2, 2019. More specifically, the complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Beazer Homes’ California assets classified as land held for future development were deteriorating in value or improperly valuated; (ii) the foregoing created a foreseeable risk of an eventual substantial impairment that would negatively impact the profitability of the Company; and (iii) 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 (the “May 2019 Press Release”). 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 Homes’ stock price fell $1.73 per share, or 12.15%, to close at $12.51 per share on May 3, 2019.
Plaintiff seeks to recover damages on behalf of all Beazer Homes USA, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, August 5, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com