SOURCE: Bernstein Liebhard & Lifshitz, LLP

September 15, 2008 15:32 ET

Attention Purchasers of TOUSA, Inc. Common Stock Pursuant to TOUSA's Prospectus, Dated September 7, 2005; Your Rights May Be Affected Announces Bernstein Liebhard & Lifshitz, LLP

NEW YORK, NY--(Marketwire - September 15, 2008) - Attorney Advertising -- On July 25, 2008, Bernstein Liebhard & Lifshitz, LLP (the "Firm") (www.bernlieb.com) announced that on July 14, 2008, Judge Kenneth Marra of the United States District Court for the Southern District of Florida appointed the Firm to act as sole lead counsel in Durgin v. Technical Olympics USA, Inc., et al., Case No. 06-61844-CIV-Marra (S.D. Fla.). The Firm represents the Bricklayers & Trowel Trades International Pension Fund, which the Court appointed as lead plaintiff.

On November 2, 2007, an amended complaint was filed naming as defendants certain officers and directors of TOUSA along with certain Underwriters of TOUSA's Public Offering pursuant to a Prospectus filed with the SEC on September 7, 2005 (the "September 2005 Prospectus"). The Firm expects to file a new Amended Complaint by September 19, 2008. If you purchased shares pursuant to the September 2005 Prospectus, please contact the Firm immediately as your rights may be affected.

TOUSA, Inc. (PINKSHEETS: TOUSQ) is a homebuilder and financial services company operating throughout Florida, Texas, the Mid-Atlantic, and the West. The lawsuit alleges that the company, certain of its officers and directors, and its underwriters issued materially false and misleading statements during the period August 1, 2005 through and including March 19, 2007 concerning the TOUSA's joint venture with Transeastern Properties, Inc., and the subsequent bankruptcy and losses resulting from the failure of that venture. On November 6, 2006, TOUSA disclosed, in a filing with the SEC, that it faced exposure for the full repayment of the loans of the joint venture with Transeastern. On March 19, 2007, TOUSA disclosed massive write-offs stemming from the failed joint venture.

If you purchased shares pursuant to the September 2005 Prospectus or if you have any questions concerning this Notice, you may contact Jeffrey M. Haber, Esq. or Gregory M. Egleston, Esq., at Bernstein Liebhard & Lifshitz, LLP, Tel: (877) 779-1414 or 212-779-1414 or by e-mail at haber@bernlieb.com or egleston@bernlieb.com.

Contact Information

  • Contact:
    Jeffrey M. Haber, Esq. or Gregory M. Egleston, Esq.
    Bernstein Liebhard & Lifshitz, LLP
    Tel: (877) 779-1414 or 212-779-1414
    Email Contact or Email Contact