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TRENTON, N.J. — A class action lawsuit has been filed on behalf of shareholders of Hovnanian Enterprises Inc. alleging violation of the Securities and Exchange Act of 1934. In August 2005, Hovnanian bought First Home Builders of Florida, the developer that built homes in Cape Coral and Lehigh Acres, many of which were funded by credit unions.

The case, filed earlier this month in the U.S District Court for the District of New Jersey here, claims that through public statements, publicly filed documents, news releases and news interviews, Hovnanian employees, including Ara Hovnanian, CEO, J. Larry Sorsby, chief financial officer, and Bruce Robb, chief operating officer of First Home Builders of Florida, misled shareholders about the extent of liability the company faced from the Florida real estate downturn.

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