NEW YORK, Feb. 26, 2004 (PRIMEZONE) -- Notice is hereby given that Wechsler Harwood LLP has filed a class action lawsuit in the United States District Court for the Northern District of Texas on behalf of all purchasers of the publicly traded securities of Ryland Group, Inc. (Ryland Group" or the "Company") (NYSE:RYL) from October 22, 2003 through January 7, 2004, inclusive (the "Class Period").
The complaint charges Ryland Group, R. Chad Dreier, and Gordon Milne (collectively "Defendants") with violations of the Securities Exchange Act of 1934. During the Class Period Defendants issued a series of material misrepresentations to the market concerning the Company's financial results and the status of its business and sales in the Texas and, in particular, the Dallas market.
On January 8, 2004, Ryland Group shocked the market by announcing that new orders for the fourth quarter had decreased 8.9%, largely due to a 33% decline in Texas orders. This development stood in stark contrast to the positive statements issued during the Class Period by Defendants. Ryland Group stock fell $10.16, to $72.89 per share, after closing at $83.05 per share on January 7, 2003 on heavy trading volume.
If you are a member of the Class as described above, you may, no later than March 15, 2004, move the Court to appoint you as lead plaintiff, a representative party who acts on behalf of the other class members in directing the litigation. Your ability to share in any recovery is not affected by whether or not you serve as a lead plaintiff. You may retain Wechsler Harwood LLP or other counsel of your choice.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca