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Home Solutions Of America, Inc. Summary: On April 2, 2008, the Court entered the Order granting the Johannesson Group's Motion for Appointment as Lead Plaintiffs and Approval of Class Action Counsel. According to the Order, the Johannesson Group is appointed to serve as Lead Plaintiff in this action. The law firm of Schatz Nobel Izard P.C. and Sarraf Gentile L.L.P. are hereby approved as Co-Lead Counsel for the prospective class. The law firm of Claxton & Hill, P.L.L.C. is hereby approved as Liaison Counsel for the prospective class.
According to a law firm press release, on November 21, 2007, a lawsuit seeking class action status in the United States District Court for the Northern District of Texas has been filed on behalf of all persons who purchased or otherwise acquired the common stock of Home Solutions of America, Inc.
The Complaint charges that HSOA and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and misleading statements concerning construction contracts for projects at three sites in New York, including Manhattan, and a site in Florida. Unbeknownst to investors, Defendants failed to disclose the following: (i) HSOA did not have an agreement with Blue Diamond Construction to perform construction with respect to at least one of the three New York sites Defendants had previously identified; and (ii) that the party that had reportedly awarded the Florida contract to HSOA was a party related to HSOA.
On August 15, 2007, HSOA revealed that (i) the Florida project was a related party transaction; (ii) that in July HSOA had "received informal inquiries from the SEC and Nasdaq with respect to prior disclosure and related issues;" and (iii) that management had requested that the audit committee perform an investigation into related party transactions and disclosures. Then, on September 27, 2007, Defendants acknowledged that they did not have a contract for the Manhattan element of the New York projects. Finally, on November 14, 2007, HSOA announced that it would delay the filing of its third quarter financial results, citing its "voluntary review of related party transactions." On this news, HSOA's stock dropped over 20% to close at $1.57 per share on November 15, 2007.
INDUSTRY CLASSIFICATION:
SIC Code: 8741
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | Home Solutions Of America, Inc. |
| COMPANY/ISSUER TICKER: | HSOA |
| COMPANY WEBSITE: | http://www.hsoacorp.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Bill Melms, et al. v. Home Solutions Of America, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 11/21/2007 | ||
| Order | |||
| Type: Order | Date on the document: 4/2/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/3/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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