If you purchased or acquired the publicly traded American Depositary Receipts (“ADRs”)1 of Desarrolladora Homex, S.A.B. de C.V. a/k/a Homex Development Corporation during the period from April 30, 2012 through May 5, 2016, inclusive (the “Class Period”), and were allegedly damaged thereby, you may be entitled to a payment from a class action settlement.
UPDATE: The Action has been reassigned from the Honorable Arthur D. Spatt to the Honorable Joan M. Azrack, United States District Judge. As of August 7, 2020, the date of this update, the Settlement Hearing remains scheduled for September 16, 2020, at 9:00 a.m. Please note that as a result of the reassignment to the Honorable Joan M. Azrack, the Settlement Hearing will now take place in Courtroom 920 at the United States District Court for the Eastern District of New York, 100 Federal Plaza, Central Islip, New York 11722. If you want to attend the hearing, you should check with Lead Counsel beforehand to be sure that the Settlement Hearing date and/or time has not changed and to inquire whether the Settlement Hearing will be conducted in person or remotely given the impact of Covid-19.
UPDATE: The initial Notice mailed included typographical errors in footnote #5 listed on page 14. The initial Notice stated that the “90-day look-back period” was from May 6, 2018 through August 3, 2016 and that the mean (average) closing price for Homex ADRs during the 90-day look-back period was $0.7783. The corrected Notice on this website rectifies these typographical errors in the look-back period date and mean (average) closing price by stating that the “90-day look-back period” was from May 6, 2016 through August 3, 2016 and that the mean (average) closing price for Homex ADRs during the 90-day look-back period was $0.7883.
August 26, 2020 — Exclusion Deadilne
August 26, 2020 — Objection Deadline
September 9, 2020 — Claim Form Deadline
September 16, 2020 at 9:00 a.m. — Fairness Hearing
- The purpose of the Notice is to inform you of the pendency of this securities class action (the “Action”), the proposed settlement of the Action (the “Settlement”)2, and a hearing to be held by the Court to consider: (i) whether the Settlement should be approved; (ii) whether the proposed plan for allocating the proceeds of the Settlement (the “Plan of Allocation”) should be approved; and (iii) Lead Counsel’s application for attorneys’ fees and expenses (see FAQ 15). This Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement, wish to object, or wish to be excluded from the Settlement Class.
- If approved by the Court, the Settlement will create: (i) a $300,000 cash fund, plus earned interest, after the deduction of attorneys’ fees and expenses awarded by the Court and Taxes for the benefit of eligible Settlement Class Members; and (ii) an amount up to $50,000 to be paid by Defendant for the payment of Notice and Administration Expenses related to the Settlement for the benefit of eligible Settlement Class Members.
- The Settlement resolves claims by Court-appointed Lead Plaintiff Jose Acosta that have been asserted on behalf of the Settlement Class (defined below) against Desarrolladora Homex, S.A.B. de C.V. a/k/a Homex Development Corporation (“Homex” or the “Defendant”) only. It avoids the costs and risks of continuing the litigation; pays money to eligible investors; and releases the Released Parties (defined below) from liability. This Settlement does resolve any claims by that have been asserted on behalf of the Settlement Class by Lead Plaintiff against Gerardo de Nicolás Gutiérrez, Carlos Moctezuma Velasco Gerardo and / or, Ramón Lafarga Batiz.
If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. Please read the Notice carefully.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT|
SUBMIT A CLAIM FORM BY SEPTEMBER 9 2020
|The only way to get a payment. See Question 8 for details.|
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY AUGUST 26, 2020
|Get no payment. This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against Defendant and/or the other Released Parties concerning the Released Claims. See Question 11 for details.|
OBJECT BY AUGUST 26, 2020
|Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or Lead Counsel’s Fee and Expense Application. If you object, you will still be a member of the Settlement Class. See Question 16 below for details.|
GO TO A HEARING ON SEPTEMBER 16, 2020 AND FILE A NOTICE OF INTENTION TO APPEAR BY AUGUST 26, 2020
|Ask to speak in Court at the Settlement Hearing about the Settlement. See Question 20 below for details.|
|Get no payment. Give up rights.|
- These rights and options—and the deadlines to exercise them—are explained in the Notice.
- The Court in charge of this case still has to decide whether to approve the Settlement. Payments will be made to all Settlement Class Members who timely submit valid Claim Forms, if the Court approves the Settlement and after any appeals are resolved. Please be patient.
1The complaint filed in the above-captioned action described the class as of those investors who purchased American Depositary Shares (“ADSs”). For the purposes of this Settlement the term “ADRs” encompasses the term “ADSs” as the terms are often used interchangeably by market participants.
2The terms of the Settlement are in the Stipulation and Agreement of Settlement, dated May 5, 2020 (the “Stipulation”), which can be viewed here. All capitalized terms not defined in this Notice have the same meanings as defined in the Stipulation.