Wednesday, December 13, 2006

Preemptive Vigorous Defense or Buried Notice?

Today, Technical Olympic USA, Inc. (NYSE: TOA) announced that the securities class action complaint filed against the company and certain executive officers of the company:
is without merit and that it intends to defend the lawsuit vigorously.
The complaint was filed in the United States District Court for the Southern District of Florida.

Here's the rub - a quick search of Yahoo! Finance, MarketWatch,, and The Motley Fool, reveals that no press release has yet been issued by the firm(s) that filed the complaint.

It appears that we have another "preemptive vigorous defense" press release.

Or we may have a case of so-called "buried notice," as previously discussed by Bruce Carton over at Securities Litigation Watch, here.

UPDATE: Lerach Coughlin Stoia Geller Rudman & Robbins LLP issued a PSLRA notice today, available here.

Daily Trivia: Konstantinos A. Stengos, Technical Olympic's chairman of the board and the founder of the Technical Olympic Group of Companies is among the "50 Wealthiest Greeks in America." Among his diverse holdings are the Greek Porto Carras vineyards.

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