WESTON, Fla., Jan. 16, 2007 (PRIME NEWSWIRE) -- The law firm of Mager & Goldstein LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida against Technical Olympic USA, Inc. ("Technical Olympic" or the "Company") (NYSE:TOA) between August 1, 2005 through November 6, 2006. Mager & Goldstein LLP is investigating similar claims at this time and welcomes inquiries from potential class members concerning their rights and interests in this matter.
The complaint alleges that defendants violated federal securities laws by issuing material misrepresentations to the market concerning its business and prospects causing the artificial inflation of the stock price. When the truth of the Company's true financial condition became known, the stock price plummeted.
If you bought Technical Olympic's securities between August 1, 2005 through November 6, 2006 and sustained damages, you may, no later than February 12, 2007 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative who acts on behalf of other class members directing the litigation. Your ability to share in any recovery is not, however, affected by whether or not you serve as lead plaintiff. To be a member of the class you do not need to take any action at this time. You may retain Mager & Goldstein LLP, or other counsel to represent you in this action.
If you wish to discuss the lawsuit against Technical Olympic USA, Inc. with us, or have any questions about this notice or your legal rights with regard to this case, please contact either of the following attorneys: