Search
 

Class Action Lawsuit Challenges Hovnanian

TRENTON, N.J. -- A class action lawsuit filed on behalf of shareholders of Hovnanian Enterprises, Inc., alleges that company principles including CEO Ara Hovnanian willfully misled and deceived them over the extent of liability the company faced in Florida real estate.

By Staff Writer | Updated on March 18, 2008

TRENTON, N.J. — A class action lawsuit filed on behalf of shareholders of Hovnanian Enterprises, Inc., alleges that company principles including CEO Ara Hovnanian willfully misled and deceived them over the extent of liability the company faced in Florida real estate.

Hovnanian bought First Home Builders of Florida in August 2005 and knew of FHB’s realtor scheme to sell “leased-up” homes to investors who expected to sell them in turn to leased tenants bringing a 14% return, the suit claims. The lawsuit details the methods used in the realtor scheme, including false documentation and inflated appraisals.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.