NEW YORK, March 17, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of investors who purchased Desarrolladora Homex S.A.B. de C.V. (“Homex” or the “Company”) (formerly NYSE:HXM; formerly OTCMKTS:DHOXQ; formerly OTCMKTS:DHOXY) American Depositary Shares (“ADRs”) between April 30, 2012 and May 5, 2016, inclusive (the “Class Period”).
Investors who have incurred losses in the ADR’s of Desarrolladora Homex S.A.B. de C.V. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Desarrolladora Homex S.A.B. de C.V. and would like to assist with the litigation process, you may, no later than May 15, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and 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) consequently, defendants' statements about Homex's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 3, 2017, Homex decided to resolve its charges with the United States Securities and Exchange Commission ("SEC") for allegedly reporting $3.3 billion in deceitful sales revenue to boost its revenues in financial statements between 2010 and 2013. The SEC's complaint alleges that during a three-year period, Homex exaggerated its revenue by 355%, or about $3.3 billion by reporting fabricated sales of more than 100,000 homes, thereby four times inflating the numbers of homes actually sold. The SEC's complaint also alleges that "Homex's Headquarters Financial Reporting Personnel intentionally and knowingly uploaded false information into the Company's internal reporting and accounting systems in order to perpetrate the fictitious revenue scheme."
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
