NEW YORK, NY / ACCESSWIRE / August 2, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Beazer Homes USA, Inc. (“Beazer Homes” or the “Company”) (BZH) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Beazer securities between August 1, 2014 and May 2, 2019, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/bzh.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges throughout the Class Period, defendants made false and/or misleading statements regarding the Company’s business, operational and compliance policies. Specifically the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose the Registration Statement issued in connection with the IPO was materially false and misleading and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The complaint continues to allege that Defendants failed to disclose the following adverse facts, which were known to Defendants or recklessly disregarded by them as follows: (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) 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. Among other issues, the Company announced a net loss from continuing operations of $100.8 million for the quarter, reflecting a $147.6 million impairment on certain California assets. On this new, Beazer Homes’ stock price fell $1.73 per share, or 12.15%, to close at $12.51 per share on May 3, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/bzh or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Beazer you have until August 5, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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