NEW YORK, March 14, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Desarrolladora Homex, S.A.B. de C.V. ("Homex" or the "Company") (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) and certain of its officers, on behalf of shareholders who purchased Homex American Depositary Shares between April 30, 2012 and May 5, 2016, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/hxm.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The 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 U.S. 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."
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/hxm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Homex you have until May 15, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC