October 18, 2019 - The case was voluntarily dismissed.
June 5, 2019 - An investor in shares of Beazer Homes USA, Inc. (NYSE: BZH) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Beazer Homes USA, Inc. in connection with certain allegedly false and misleading statements made between August 1, 2014 and May 2, 2019.
Atlanta, GA based Beazer Homes USA, Inc. operates as a homebuilder in the United States. Beazer Homes USA, Inc. reported that its Total Revenue rose from over $1.91 billion for the 12 months period that ended on September 30, 2017 to over $2.1 billion for the 12 months period that ended on September 30, 2018 and that its Net Income of $31.81 million declined to a Net Loss of $45.37 million over those respective time periods.
On May 2, 2019, Beazer Homes USA, Inc announced its financial and operating results for the second quarter of 2019. Among other issues, Beazer Homes USA, Inc announced a net loss from continuing operations of $100.8 million for the quarter, reflecting a $147.6 million impairment on certain California assets.
Shares of Beazer Homes USA, Inc. (NYSE: BZH) declined to $8.89 per share on May 30, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Beazer Homes USA, Inc. (NYSE: BZH) common shares between August 1, 2014 and May 2, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2014 and May 2, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Beazer Homes’ California assets classified as land held for future development were deteriorating in value or improperly valuated, that the foregoing created a foreseeable risk of an eventual substantial impairment that would negatively impact the profitability of the Company, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.