Investors in Beazer Homes who are members of a class-action suit against the homebuilder will have the opportunity to air any concerns or ask questions about a proposed $30.5 million settlement in the 2-year-old case at an upcoming hearing.
Shareholder Eugene Kratz filed the lawsuit as a class action in March 2007 against the Atlanta homebuilder accusing its executives of artificially boosting Beazer share prices because the company made loans to unqualified buyers.
The company, as part of the settlement, admits no wrongdoing and the agreement must be approved by a judge. But members of the class — those who purchased Beazer stock between Jan. 27, 2005 and May 12, 2008 — may voice objections or ask questions Aug. 13 in a hearing before Judge Clarence Cooper in the U.S. District Court's Northern District of Georgia. Class members who wish to be excluded from the settlement must request that by July 30 of this year.
Beazer shareholders who fall into the class category but are not included in the settlement must file their proof of claim by Sept. 14. They may get more information from the third-party claims administrator, The Garden City Group, at 1-866-396-5584.
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