Desarrolladora Homex, S.A.B. de C.V. (a/k/a Homex Development Corp.) : American Depositary Shares Securities Litigation

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Lawsuit Overview

Defendant:Desarrolladora Homex
Date Filed:March 14th, 2017
Sector:Basic Industries
Industry:Homebuilding
Class Start Date:April 30th, 2012
Class End Date:May 5th, 2016
Settlement Website: http://www.homexsecuritieslitigation.com/

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.

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First Identified Complaint

Javier Tames, et al. v. Desarrolladora Homex, S.A.B. de C.V. , et al.

Date Filed:March 14th, 2017
Class Period Start:April 30th, 2012
Class Period End:May 5th, 2016
First Identified Complaint Filings
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