 | ||
|
| Home Annual/Quarterly Updates About Us
|
Home Solutions of America, Inc. Summary: According to a press release dated April 4, 2008, Northern District of Texas federal Judge David C. Godbey on March 24th, 2008 refused to dismiss a shareholder class-action lawsuit against Texas-based Home Solutions of America Inc. (Pink Sheets:HSOA).
On January 10, 2007 the judge entered an order consolidating the related cases and appointing lead plaintiff. Plaintiffs then filed a consolidated complaint on March 12, 2007, and defendants moved for dismissal on June 6, 2007.
The original Complaint alleges that defendants Home Solutions of America, Inc. and certain officers and directors violated federal securities laws by issuing a series of materially false statements. Specifically, on April 11, 2006, Home Solutions announced that it had been awarded a contract valued at up to $20 million, to provide infrastructure support for Hurricane Katrina rebuilding efforts. Subsequently, Home Solutions announced a string of contract awards, including substantial contracts with Home Depot Inc. and American Renaissance Homes ("ARH"), a builder that had purportedly contracted with Home Solutions to provide services in connection with the Katrina rebuilding efforts.
The complaint further alleges that on or around June 6, 2006, Home Solutions issued a press release, revealing that it was, in fact, lending up to $800,000 to ARH for "working capital," secured by its modular homes and land. Defendants' prior representations regarding the dramatic growth in revenues based on the announced contract opportunities were false and misleading, concealing from the investment community the Company's inability to dramatically expand both revenues and margins, in a low-margin and highly competitive market space. On this news, Home Solutions' stock plummeted, losing 29.1% to close at $6.80.
INDUSTRY CLASSIFICATION:
SIC Code: 8741
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | Home Solutions of America, Inc. |
| COMPANY/ISSUER TICKER: | HOM |
| COMPANY WEBSITE: | http://www.hsoacorp.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Margaret Hansen, et al. v. Home Solutions of America, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 06/20/2006 | ||
| Amended Class Action Complaints For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 6/29/2006 | ||
| Order | |||
| Type: Order | Date on the document: 01/10/2007 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Margaret Hansen, et al. v. Home Solutions of America, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/19/2006 | ||
| Consolidated Complaint For Violations OF Federal Securities Laws | |||
| Type: Complaint | Date on the document: 3/12/2007 | ||
| Order | |||
| Type: Order | Date on the document: 3/24/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 3/28/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top