Faruqi & Faruqi, LLP Launches An Investigation Against Hovnanian Enterprises
Inc. (HOV) For Potential Breaches Of Fiduciary Duties By Its Board Of
NEW YORK -- January 31, 2013
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New
York City, is investigating the Board of Directors of Hovnanian Enterprises
Inc. (“Hovnanian” or the “Company”) (NYSE: HOV) 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.
Specifically, in the Proxy Statement filed by the Company with the Securities
and Exchange Commission on January 28, 2013, the Board of Directors recommends
that Hovnanian’s shareholders vote to approve an amendment to the Company’s
Certificate of Incorporation to increase the number of authorized shares of
Class A Common Stock from 200,000,000 shares to 400,000,000 shares. The proxy
also recommends that shareholders vote to increase the number of authorized
shares of Class B Common Stock from 30,000,000 shares to 60,000,000 shares,
and recommends that shareholders vote to approve an advisory vote on executive
compensation. The issuance of the additional shares could have a substantial
dilutive effect on the shares of Hovnanian common stock.
Request more information now by clicking here: www.faruqilaw.com/HOV. There is
no cost or obligation to you.
Faruqi & Faruqi, LLP is a national law firm which represents investors and
individuals in class action litigation. The firm is focused on providing
exemplary legal services in complex litigation in the areas of securities,
shareholder, antitrust and consumer litigation, throughout all phases of
litigation. The firm has an experienced trial team which has achieved
significant victories on behalf of the firm’s clients.
If you own common stock in Hovnanian and wish to obtain additional information
and protect your investments free of charge, please visit us at
www.faruqilaw.com/HOV or contact Juan E. Monteverde, Esq. either via e-mail at
firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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