Spector, Roseman & Kodroff, P.C. Announces the Filing of a Class Action Suit Against Levitt Corp.
01 Febbraio 2008 - 11:00PM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. announces that
a securities class action lawsuit was commenced in the United
States District Court for the Southern District of Florida, on
behalf of purchasers of the common stock of Levitt Corp. (�Levitt�
or the �Company�) (NYSE:LEV) between January 31, 2007 through
August 14, 2007, inclusive (the �Class Period�). The complaint
charges Levitt and certain of its officers and directors with
violations of the Securities Exchange Act of 1934 (the �Exchange
Act�). Levitt, together with its subsidiaries, operates as a
homebuilding and real estate development company in the
southeastern United States. According to the complaint, on January
31, 2007, Levitt announced that it agreed to merge with BFC
Financial Corp (�BFC�). Based upon BFC stock�s closing price on the
previous trading day, the proposed transaction valued Levitt stock
at $14.41 per share -- a premium of 32 percent over the closing
price of $10.88 per share on the previous trading day. The
complaint alleges that, during the Class Period, defendants issued
materially false and misleading statements and failed to disclose:
(i) that the Company's Levitt and Sons subsidiary was in much worse
financial condition than publicly represented; (ii) that as a
result of the foregoing, the Company was materially overstating its
financial results because it was failing to timely record an
impairment in the value of its homebuilding inventory at Levitt and
Sons; (iii) that the Company�s loans and advances to Levitt and
Sons would not be recovered as the subsidiary lacked the financial
resources to pay now and in the foreseeable future; and (iv) that
Levitt and Sons was insolvent. Then, on August 15, 2007, the
Company announced that the merger agreement with BFC had been
terminated, without giving any explanation. Upon this news, shares
of the Company's stock fell $0.79 per share, or over 21%, to close
at $2.96 per share. Subsequently, on November 9, 2007, it was
announced that Levitt and Sons filed for bankruptcy under Chapter
11 of the U.S. Bankruptcy Code. Plaintiff seeks to recover damages
on behalf of all purchasers of Levitt common stock during the Class
Period (the "Class"). If you purchased Levitt securities during the
Class Period, you may, no later than March 25, 2008, move to be
appointed as a Lead Plaintiff in this class action. A Lead
Plaintiff is a representative, chosen by the Court, which acts on
behalf of other class members in directing the litigation. The
Private Securities Litigation Reform Act of 1995 directs Courts to
assume that the class member(s) with the �largest financial
interest� in the outcome of the case will best serve the class in
this capacity. Courts have discretion in determining which class
member(s) have the �largest financial interest,� and have appointed
Lead Plaintiffs with substantial losses in both absolute terms and
as a percentage of their net worth. If you wish to join this action
or have any questions concerning this notice or your rights or
interests, please contact plaintiff's counsel, Robert M. Roseman or
David Felderman, toll-free at 888-844-5862 or e-mail at
classaction@srk-law.com. For more detailed information about the
firm please visit its website at http://www.srk-law.com. Spector,
Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania,
concentrates its practice in complex litigation including actions
dealing with securities laws, antitrust, contract and commercial
claims. The firm is active in major litigation pending in federal
and state courts throughout the United States. The firm�s
reputation for excellence has been recognized on repeated occasions
by courts which have appointed the firm as lead counsel in numerous
major class actions involving violations of the federal securities
laws and the federal antitrust laws, and consumer fraud. As a
result of the efforts of the firm, and its members, hundreds of
millions of dollars have been recovered through judgments and
settlements on behalf of thousands of defrauded shareholders and
companies.
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