Desarrolladora Homex S.A.B. de C.V. (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) American Depositary Shares (“ADRs”)

Join This Class Action

NEW YORK, NY – March 17, 2017 – Wolf Haldenstein Adler Freeman & Herz LLP  announces that a class action lawsuit has been filed on behalf of investors who purchased Desarrolladora Homex S.A.B. de C.V. (“Homex” or the “Company”) (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) American Depositary Shares (“ADRs”) between April 30, 2012 and May 5, 2016, inclusive (the “Class Period”).

Wolf Haldenstein Adler Freeman & Herz LLP anuncia que se ha presentado una demanda colectiva en nombre de los inversores que compraron Desarrolladora Homex S.A.B. De C.V. (“Homex” o la “Compañía”) (anteriormente “NYSE: HXM, anteriormente OTCMKTS: DHOXQ, anteriormente OTCMKTS: DHOXY) American Depositary Shares entre el 30 de abril de 2012 y el 5 de mayo de 2016, Período”). 

Investors who have incurred losses in the ADR’s of Desarrolladora Homex S.A.B. de C.V. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

Los inversores que hayan incurrido en pérdidas en los ADR de Desarrolladora Homex S.A.B. De C.V. Se les insta a comunicarse con la firma inmediatamente en classmember@whafh.com o (800) 575-0735 o (212) 545-4774. Puede obtener información adicional sobre la acción en nuestro sitio web, www.whafh.com. 

If   you have purchased  shares of Desarrolladora Homex S.A.B. de C.V. and would like to assist with the litigation process, you may, no later than May 15, 2017, request that the Court appoint you lead plaintiff of the proposed class.

The filed complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (1) between 2010 and 2013, Homex overstated its revenue by 355% or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes; (2) between 2010 and 2013, Homex overstated the number of units it sold by over 100,000 units or 317% of actual units sold; (3) Homex and certain of its Headquarters Financial Reporting Personnel knowingly and intentionally engaged in a scheme to materially overstate Homex’s revenues, homes sold, and other related financial items; and (4) consequently, 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, Homex decided to resolve its charges with the United States  Securities and Exchange Commission (“SEC”) for allegedly reporting $3.3 billion in deceitful sales revenue to boost its revenues in financial statements between 2010 and 2013. The SEC’s complaint alleges that during a three-year period, Homex exaggerated its revenue by 355%, or about $3.3 billion by reporting fabricated sales of more than 100,000 homes, thereby four times inflating the numbers of homes actually sold. The SEC’s complaint also 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.”

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

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Certification and Authorization Pursuant to Federal Securities Laws
  • The individual or entity listed below authorizes and, upon execution of the accompanying retainer agreement by Wolf Haldenstein Adler Freeman & Herz LLP, retains Wolf Haldenstein Adler Freeman & Herz LLP to file an action under the federal securities laws to recover damages and to seek other relief against Desarrolladora Homex S.A.B. de C.V. (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) American Depositary Shares (“ADRs”). Wolf Haldenstein Adler Freeman & Herz LLP will prosecute the action on a contingent fee basis and will advance all costs and expenses. The Desarrolladora Homex S.A.B. de C.V. (formerly NYSE: HXM; formerly OTCMKTS: DHOXQ; formerly OTCMKTS: DHOXY) American Depositary Shares (“ADRs”) Retention Agreement provided to the Plaintiff is incorporated by reference, upon execution by Wolf Haldenstein Adler Freeman & Herz LLP.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
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  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
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  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 03/29/2017