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 derivative complaint against the company's officers and directors for breaches of fiduciary duties and unjust enrichment from August 1, 2014 through the present. Beazer Homes USA, Inc. designs, constructs, and sells single-family and multi-family homes for a variety of buyers.
View this information on the law firm's Shareholder Rights Blog:
Beazer Homes USA Accused of Failing to Disclose Pertinent Information to Investors
According to the complaint, Beazer Homes' California assets that were classified as land for future development were deteriorating in value or improperly valuated, which created a foreseeable risk of substantial impairment that would materially impact the profitability of the Company. Beazer's officers and directors attempted to conceal this pertinent information by attributing the decline in its profit to market factors, macro-economic factors, and other factors out of their control. The reality of Beazer Homes' situation was revealed in May 2019, when Beazer Homes issued a press release revealing a net loss of $100.8 million, reflecting a $147.6 million impairment on California assets currently or previously classified as land held for future development. On this news, the Company's stock price fell $1.73 per share, or 12.15%, to close at $12.51, and has yet to recover.
Beazer Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, 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. Sign up for our FREE portfolio monitoring service, Stock Watch.
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