Beazer Homes USA, Inc.
| Company Name | Beazer Homes USA, Inc. |
| Stock Symbol | BZH |
| Class Period | August 01, 2014 to May 02, 2019 |
| Lead Plaintiff Motion Deadline | August 05, 2019 |
On May 2, 2019, the Company issued a press release regarding its financial and operating results for the second quarter of 2019, reporting a net loss from continuing operations of $100.8 million for the quarter reflective of a $147.6 million impairment on certain California assets acquired by the Company before 2007. The assets in question were currently and previously reported by the Company as land held for future development.
On this news, the Company’s share price fell $1.73, or nearly 12%, to close at $12.51 on May 3, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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