Desarrolladora Homex, S.A.B. de C.V. (a/k/a Homex Development Corp.) : American Depositary Shares Securities Litigation
On or around 06/29/2020 (Date of last review)
Filing Date: March 14, 2017
According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) between 2010 and 2013, Homex overstated its revenue by 355% or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes; (2) between 2010 and 2013, Homex overstated the number of units it sold by over 100,000 units or 317% of actual units sold; (3) Homex and certain of its Headquarters Financial Reporting Personnel knowingly and intentionally engaged in a scheme to materially overstate Homex’s revenues, homes sold, and other related financial items; and (4) as a result, defendants’ statements about Homex’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 6, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel.
On May 5, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on May 22.
Company & Securities Information
Defendant: Desarrolladora Homex, S.A.B. de C.V.
Sector: Capital Goods
Industry: Construction Services
Ticker Symbol: HXM
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Javier Tames, et al. v. Desarrolladora Homex, S.A.B. de C.V. , et al.