The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Home Solutions of America, Inc.
21 Junho 2006 - 3:31PM
Business Wire
Goldman Scarlato & Karon, P.C., a law firm with offices in
Pennsylvania and Ohio, announces that a lawsuit has been filed in
the United States District Court for the Northern District of
Texas, on behalf of persons who purchased or otherwise acquired
publicly traded securities of Home Solutions of America, Inc.
("Home Solutions" or the "Company") (AMEX:HOM) between April 11,
2006 and June 6, 2006, inclusive, (the "Class Period"). The lawsuit
was filed against Home Solutions and certain officers and directors
("Defendants"). If you are a member of this class and wish to view
a copy of a complaint and join this class action, please e-mail us
at info@gsk-law.com and request a copy of the complaint and a
plaintiff certification. If you are a member of the Class, you may
move the Court no later than August 21, 2006 to serve as a lead
plaintiff for the Class. Any member of the purported class may move
the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member. The complaint alleges that Defendants made a series of
false and misleading statements and or omissions regarding the
Company's revenue opportunities. In particular, starting on April
11, 2006, Home Solutions began announcing a series of new contract
awards related to infrastructure support for Hurricane Katrina
rebuilding efforts. One such deal involved American Renaissance
Homes ("ARH"), a builder that purportedly contracted with Home
Services to provide services in conjunction with the rebuilding
efforts. However, on June 6, 2006, the Company announced that it
was in fact lending up to $800,000 to ARH for "working capital"
purposes. The complaint further alleges that Defendants prior
representations regarding a dramatic ramp up in revenues based on
these contract opportunities was false and misleading, concealing
the Company's inability to expand either revenues or margins. In
reaction to this news, shares of Home Solutions' stock fell, losing
29.1%, or $2.80 per share, to close on June 6, 2006 at $6.80 per
share. If you bought Home Solutions securities between April 11,
2006 and June 6, 2006, inclusive, and would like to obtain
information about the lawsuit, then you are invited to call (888)
753-2796 to speak with an advisor.
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