According to the docket, on October 23, 2000, the Court entered the Order by U.S. District Judge James A. Beaty, Jr., adopting the Magistrate Judge P.T. Sharp's recommendation and granting defendant Oakwood Homes Group’s motion to dismiss the consolidated amended complaint with prejudice on the grounds that it failed to plead fraud with adequate particularity and that it failed to state a claim upon which relief could be granted. The Court further entered the Judgment dismissing the action with prejudice and the case was closed.
The complaint charges Oakwood Homes, and certain of its officers and directors, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, defendants issued a series of materially false and misleading financial statements that artificially inflated the Company's income and assets, including the carrying value of the mortgage related securities resulting from the securitization of its loans and the value of the servicing rights and other receivables associated therewith. Further, defendants misled investors concerning the sale of Oakwood Home's interest in its joint venture, Deutsche Financial Capital, LLC ("DFC").