Beazer Shares Fall After Receiving Default Notices |
| Bloomberg - Sep 7, 2007 |
Beazer Homes USA Inc. shares fell as much as 13 percent after the homebuilder received notices of default from U.S. Bank National Association for failing to file a quarterly report with regulators on time.
The notices are without merit and Beazer doesn't believe it's in default, the Atlanta-based homebuilder said today in a statement. The notices cover Beazer notes due from 2011 to 2016. U.S. Bank is a trustee of the company's bondholders.
Beazer said it hasn't been able to file its financial report on time because of an internal investigation. Last month, the company hired independent attorneys and forensic accountants to determine if its former chief accounting officer improperly recorded reserves and accrued liabilities.
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- Posted: 2007-09-07 10:13:54
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