Bernstein Liebhard LLP Appointed Lead Counsel in Class Action Against Tousa, Inc.
On July 14, 2008, Judge Kenneth Marra of the United States District Court for the Southern District of Florida appointed Bernstein Liebhard LLP to act as sole lead counsel in Durgin v. Technical Olympics USA, Inc., et al., Case No. 06-61844-CIV-Marra (S.D. Fla.), a securities class action. The Firm represents the Bricklayers & Trowel Trades International Pension Fund, which the Court appointed as lead plaintiff after the withdrawal of the originally named lead plaintiff. The Court ordered the filing of a consolidated class action complaint no later than August 29, 2008.
TOUSA, Inc. (OTC: TOUSQ.PK) is a homebuilder and financial services company operating throughout Florida, Texas, the Mid-Atlantic, and the West. The lawsuit alleges that the company, certain of its officers and directors, and its underwriters issued materially false and misleading statements during the period August 1, 2005 through and including March 19, 2007 concerning the company’s joint venture with Transeastern Properties, Inc., and the subsequent bankruptcy and losses resulting form the failure of that venture. On November 6, 2006, TOUSA disclosed, in a filing with the Securities and Exchange Commission, that it faced exposure for the full repayment of the loans of the joint venture with Transeastern. On March 19, 2007, TOUSA disclosed massive write-offs stemming from the failed joint venture.