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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 9 2020 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
May 22, 2020 - The court preliminarily approved the settlement.
May 15, 2020 - A stipulation of settlement was filed by the parties.
March 14, 2017 (Shareholders Foundation) - An investor in shares of Desarrolladora Homex SAB de CV (ADR) (OTCMKTS:DHOXY) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Desarrolladora Homex SAB de CV a/k/a Homex Development Corp. (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY in connection with certain allegedly false and misleading statements made between April 30, 2012 and May 5, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Desarrolladora Homex SAB de CV (ADR) (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) common shares between April 30, 2012 and May 5, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 30, 2012 and May 5, 2016, the defendants made false and/or misleading statements and/or failed to disclose that between 2010 and 2013, Desarrolladora Homex SAB de CV overstated its revenue by 355% or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes, that between 2010 and 2013, Desarrolladora Homex SAB de CV overstated the number of units it sold by over 100,000 units or 317% of actual units sold, that Desarrolladora Homex SAB de CV and certain of its Headquarters Financial Reporting Personnel knowingly and intentionally engaged in a scheme to materially overstate Desarrolladora Homex SAB de CV’s revenues, homes sold, and other related financial items, and that as a result, 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, Desarrolladora Homex SAB de CV agreed to settle charges with the U.S. Securities and Exchange Commission (“SEC”) for allegedly reporting $3.3 billion in fraudulent sales revenue to boost revenues in its financial statements during a three year period. According to the SEC’s complaint, between 2010 and 2013, Desarrolladora Homex SAB de CV overstated its revenue by 355%, or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes, inflating the numbers of homes actually sold more than fourfold. The SEC’s complaint further 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.”