The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Desarrolladora Homex, S.A.B. de C.V. a/k/a/ Homex Development Corp. (OTCMKTS: DHHXF) who purchased shares between April 1, 2012 and May 5, 2016. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges 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.
Shareholders have until May 15, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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