The management of the TECHNICAL OLYMPIC Group announces that its listed on New York Stock Exchange (NYSE) USA subsidiary, TECHNICAL OLYMPIC USA INC. (TOUSA), announced, literatim, the following:
TOUSA (NYSE: TOA) announced today that it believes a federal securities class action lawsuit filed against the Company and certain executive officers is without merit and that it intends to defend the lawsuit vigorously. The suit, which was filed in the United States District Court for the Southern District of Florida on behalf of purchasers of TOUSA''s common stock between August 1, 2005 and November 6, 2006, alleges that the Company violated the Securities Exchange Act of 1934. The plaintiff and other class members are seeking an amount to be determined at trial (if any) for the alleged wrongdoing.