NEW YORK, June 5, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Toll Brothers, Inc. ("Toll Brothers" or the "Company") (NYSE: TOL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Toll Brothers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 23, 2016, in its annual report for fiscal year 2016, Toll Brothers advised investors that the Company's "estimated liability for known and unknown water intrusion claims increased in the fourth quarter of fiscal 2016 to approximately $324.4 million as of October 31, 2016." On June 5, 2017, Toll Brothers disclosed that in April 2017, the U.S. Securities and Exchange Commission "informed the Company that it was conducting an investigation and requested that we voluntarily produce documents and information relating to our estimated repair costs for stucco and other water intrusion claims in fiscal 2016."
On this news, Toll Brothers' share price fell $0.76, or 1.98%, to close at $37.53 on June 5, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP