Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Levitt Corp.
06 Marzo 2008 - 8:41PM
Marketwired
SOUTH BURLINGTON, VT (NYSE: LEV). The action, docket numbered
08-60111, was filed in the United States District Court for the
Southern District of Florida. Individuals, families, trusts or
other entities that purchased common stock between January 31, 2007
and August 14, 2007, inclusive, have the opportunity to participate
as Lead Plaintiffs in the currently pending class action
litigation. To do so, however, you must apply for Lead Plaintiff
status by March 25, 2008.
Johnson & Perkinson, a litigation boutique law firm based in
South Burlington, Vermont, has extensive experience prosecuting
investor class actions and actions involving financial fraud.
Attorneys Johnson and Perkinson are both former employees of the
Securities and Exchange Commission. Dedicated to maximizing
shareholder return, members of Johnson & Perkinson have
prosecuted complex class actions alleging securities or consumer
fraud/deception on behalf of investors/consumers against numerous
public companies since 1985, resulting in the recovery of many
hundreds of millions of dollars, and have been singled out for
excellence by various courts. The firm is litigating, or has
recently resolved litigation, as Lead or Co-Lead Counsel in
securities class actions against Xerox, Priceline, Wireless
Facilities, i2 and Xchange, and serves on the Executive Committee
in the Global Crossing case.
The Complaint alleges that Levitt and certain of its officers
and directors violated federal securities laws. On January 31,
2007, Levitt announced a merger with BFC Financial Corp ("BFC").
Based on 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. During the Class Period, Defendants
failed to disclose the following: (i) that the Company's Levitt and
Sons subsidiary was in worse financial condition than represented
and was saddled with unneeded land which would not be feasible to
develop for some time. Furthermore, Levitt and Sons was struggling
to complete projects it had already begun and was often failing to
complete construction of homes that it had already sold; (ii)
Levitt 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) Levitt's loans to
Levitt and Sons would not be recovered; and (iv) that Levitt and
Sons was insolvent. On August 15, 2007, Levitt announced that the
merger agreement with BFC had been terminated. On this news,
Levitt's stock fell $0.79 per share to close at $2.96 per share.
Subsequently, on November 9, 2007, it was announced that Levitt and
Sons filed for bankruptcy.
If you wish to discuss this action or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Johnson & Perkinson
attorneys James F. Conway, III or Eben F. Duval toll free at
1-888-459-7855; via email at email@jpclasslaw.com; through our
website at www.jpclasslaw.com; or by mail at Johnson &
Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington,
Vermont 05403. Attorneys at Johnson & Perkinson can investigate
your potential claims and help you decide if seeking appointment as
a Lead Plaintiff is right for you. Your ability to share in any
recovery is not affected by your decision to not seek appointment
as a Lead Plaintiff.
Contact: Eben F. Duval 802-862-0030 Email Contact
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