Court Grants Final Approval to $30.5 million Beazer Homes (USA) Inc. Settlement
Bernstein Liebhard LLP is pleased to announce that after two years of litigation, on September 15, 2009, the Honorable Clarence Cooper of the United States District Court for the Northern District of Georgia gave final approval to a $30.5 million settlement of the consolidated action, styled In re Beazer Homes (USA), Inc. Securities Litigation, No. 07-725 (N.D. Ga.) (the “Action”).
The Action, which was brought by the Lead Plaintiffs (the Carpenters Pension Trust Fund for Northern California and Glickenhaus & Co.) alleged that, between January 27, 2005 and May 12, 2008 (the “Class Period”), the Defendants made false and misleading statements concerning Beazer’s loan and mortgage origination practices and reported financial statements. The settlement provides for the payment of $30.5 million to a class of investors who purchased Beazer Homes stock during the Class Period.
A copy of the court’s decision is available here.