SAN DIEGO & ATLANTA--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Beazer Homes USA, Inc. (NYSE: BZH) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between August 1, 2014 and May 2, 2019. Beazer Homes operates as a homebuilder in the U.S.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/beazer-homes-usa-inc/
Beazer Homes Improperly Valued Land Held for Future Developments
According to the complaint, during the class period, Beazer Homes touted the value of land held for future developments. When the value declined, Beazer Homes asserted it was because it had "activated multiple parcels [previously classified as land held for future developments] for homebuilding activities" to improve capital efficiency. However, on May 2, 2019, Beazer Homes announced its financial and operating results for the second quarter of 2019, including 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. In a conference call later that day, Beazer confirmed that it had sold all land held in California for future developments. On this news, Beazer Homes' stock price fell over 12%, to close at $12.51 per share on May 3, 2019, and continues to decline. The stock currently trades at just $9.64.
Beazer Homes Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, firstname.lastname@example.org or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Check out Stock Watch, our free investment monitoring program for shareholders.
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