INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP HAS FILED A SHAREHOLDER CLASS ACTION AGAINST BEAZER HOMES USA, INC.- BZH
New York, NY April 12, 2007 - Murray, Frank & Sailer LLP has filed a class action on behalf of shareholders who purchased or otherwise acquired the securities of Beazer Homes USA, Inc. (“Beazer” the “Company”) (NYSE: BZH) between July 27, 2006 to March 27, 2007, inclusive, (the "Class Period").
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The complaint charges Beazer and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Beazer designs, sells and builds primarily single-family homes in various locations within the United States and provides mortgage origination and title insurance services to its homebuyers.
The complaint alleges that during the Class Period defendants issued false and misleading statements regarding the Company's business and prospects and failed to disclose to the investing public the following adverse facts: (a) the Company lacked requisite internal controls over its lending practices, which, as a result of its improper lending practices prior to and during the Class Period, would lead to numerous foreclosures and other problems; (b) the Company's business was growing in large part due to its improper lending practices to low-income borrowers; (c) many of the Company's buyers would not be able to pay their loans after the first two years, which would lead to decreased sales and earnings and numerous foreclosures; and (d) given the increased volatility in the lending market, the Company had no reasonable basis to make projections about its 2007 results and as a result, the Company's 2007 projections issued during the Class Period were at a minimum reckless. The complaint alleges that as a result of defendants' false statements, Beazer stock traded at artificially inflated prices during the Class Period, reaching a high of $48 per share in December 2006, and the Company's CEO and CFO were able to sell over $9.7 million worth of their Beazer stock.
If you are a member of the class, you may, no later than May 28, 2007, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative, chosen by the Court, who acts on behalf of other class members in directing the litigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You may visit our website at www.murrayfrank.com. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]