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First Home Builders of Florida Summary: On October 15, 2007, the Court entered the Order directing the filing of the Amended Complaint on or before October 19, 2007. Further, according to the Order, the defendants’ various motions to dismiss were denied as moot. On October 19, 2007, the plaintiffs filed a First Amended Class Action Complaint. Since November 30, 2007, the defendants filed several motions to dismiss the Amended Complaint. The motions are currently pending before the Court.
A federal securities class action lawsuit has been commenced in the United States District Court for the Middle District of Florida (Fort Myers Division), on behalf of all persons who purchased one or more real properties for investment purposes from First Home Builders of Florida, a Florida general partnership (“First Home”) in Cape Coral, Florida or Lehigh Acres, Florida between September 1, 2003 and December 31, 2005 (the “Class Period”), based upon representations made by First Home and/or its agents, including the real estate brokerage firm of D’Alessandro & Woodyard, Inc. (“D&W”), that: (a) investors would receive a fourteen percent (14%) or greater return on their investment based upon a tenant occupying, and then purchasing, each property; (b) the tenants for each property would be procured solely through the efforts and expertise of First Home and/or D&W (and/or their respective affiliates or co-brokers); and (c) no further cash outlay would be required from investors other than the initial contract deposit.
The Complaint alleges that First Home, D&W, and several of its officers and directors, violated the federal securities laws by issuing materially false and misleading statements to prospective investors in order to induce them to purchase real estate investment properties from First Home. Specifically, the Complaint alleges that during the Class Period, defendants fraudulently induced investors to purchase real estate investment properties in Lee County, Florida by promising that: (a) defendants would procure tenants for all properties purchased by investors; (b) the rental income generated from these tenants would cover all of the investor’s mortgage expenses: and (c) investors would receive a guaranteed 14% return on their investment after the first year. These representations were knowingly false and misleading at the time that they were made.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Services
Industry: Real Estate Operations
| COMPANY/ISSUER NAME: | First Home Builders of Florida |
| COMPANY/ISSUER TICKER: | |
| COMPANY WEBSITE: | http://www.firsthomebuilders.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Sewell, et al. v. D'Alessandro & Woodyard, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 05/30/2007 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Sewell, et al. v. D'Alessandro & Woodyard, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| First Amended Class Action Complaint | |||
| Type: Complaint | Date on the document: 10/19/2007 | ||
| Summary Judgement Notice | |||
| Type: Notice | Date on the document: 6/11/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 6/16/2008 | ||
| OTHER DOCUMENTS | |||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Gonglik, et al. v. Woodyard Commercial Realtors, Inc., et al. | |||
| Type: Docket | Date on the document: 10/26/2007 | ||
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