Key Developments: Hovnanian Enterprises Inc (HOV)
6.22USD
19 Jun 2013
$-0.21 (-3.27%)
$6.43
$6.41
$6.46
$6.19
5,744,805
6,402,969
$7.43
$2.23
Latest Key Developments (Source: Significant Developments)
Faruqi & Faruqi, LLP Launches An Investigation Against Hovnanian Enterprises Inc (HOV) For Potential Breaches Of Fiduciary Duties By Board Of Directors
Faruqi & Faruqi, LLP announced that it is investigating the Board of Directors of Hovnanian Enterprises Inc for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders` approval for an amendment to the Company`s Certificate of Incorporation. Full Article
Lifshitz Law Firm Announces Investigation Of Hovnanian Enterprises Inc
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed vote scheduled for March 12, 2013 to approve an amendment to the Hovnanian Enterprises, Inc. (Hovnanian or the Company) (HOV) Amended Certificate of Incorporation (the Certificate of Incorporation) to increase the number of authorized shares of Class A Common Stock and Class B Common Stock. The increase in the number of authorized shares could have a substantial dilutive effect on Hovnanian common stock. Full Article
Hovnanian Enterprises, Inc. Announces Pricing of 25,000,000 Shares of Common Stock
Hovnanian Enterprises, Inc. announced that it priced its previously announced offering of 25,000,000 shares of its Class A Common Stock at $2.00 per share, resulting in net proceeds of approximately $47 million. The Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 3,750,000 shares of Class A Common Stock to cover over-allotments. The Company's Class A Common Stock is listed on the New York Stock Exchange under the symbol HOV. The Company intends to use the net proceeds from the offering, along with cash on hand, to purchase certain of the Company's senior unsecured notes in a private transaction. Citigroup, Credit Suisse and J.P. Morgan are serving as the joint book-running managers for the Class A Common Stock offering. Full Article
Hovnanian Enterprises, Inc. Announces Proposed Public Offering Of Class A Common Stock
Hovnanian Enterprises, Inc. announced the commencement of a registered underwritten public offering of Class A Common Stock. The offering is anticipated to consist of the issuance of 25,000,000 shares of the Company's Class A Common Stock. In addition, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Class A Common Stock sold to cover over-allotments. Citigroup, Credit Suisse and J.P. Morgan are serving as the joint book-running managers for the Class A Common Stock offering. The Company intends to use the net proceeds of the offering to purchase certain of the Company's senior unsecured notes in a private transaction and for general corporate purposes, including the refinancing, repurchase or repayment of indebtedness, working capital needs, capital expenditures and expansion of the business. Full Article
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