NEW YORK, July 25, 2008 (PRIME NEWSWIRE) -- On July 14, 2008, Judge Kenneth Marra of the United States District Court for the Southern District of Florida appointed Bernstein Liebhard & Lifshitz, LLP (www.bernlieb.com) to act as sole lead counsel in Durgin v. Technical Olympics USA, Inc., et al., Case No. 06-61844-CIV-Marra (S.D. Fla.), a securities class action. The Firm represents the Bricklayers & Trowel Trades International Pension Fund, which the Court appointed as lead plaintiff after the withdrawal of the originally named lead plaintiff. The Court ordered the filing of a consolidated class action complaint no later than August 29, 2008.
TOUSA, Inc. (Pink Sheets:TOUSQ) is a homebuilder and financial services company operating throughout Florida, Texas, the Mid-Atlantic, and the West. The lawsuit alleges that the company, certain of its officers and directors, and its underwriters issued materially false and misleading statements during the period August 1, 2005 through and including March 19, 2007 concerning the company's joint venture with Transeastern Properties, Inc., and the subsequent bankruptcy and losses resulting from the failure of that venture. On November 6, 2006, TOUSA disclosed, in a filing with the Securities and Exchange Commission, that it faced exposure for the full repayment of the loans of the joint venture with Transeastern. On March 19, 2007, TOUSA disclosed massive write-offs stemming from the failed joint venture.
Partner Mel E. Lifshitz (www.bernlieb.com/attorneys/lifshitz.html) stated: "We are pleased to help the Fund recover monetary losses, improve corporate governance at TOUSA, and hold corporate wrongdoers accountable for violations of the law relating to the American housing market, an issue currently plaguing the national economy."
For more information, or if you have information about the allegations of the lawsuit, contact Mel Lifshitz at lifshitz@bernlieb.com or Steve Peitler (Investigator) at peitler@bernlieb.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.