Faruqi & Faruqi, LLP Launches An Investigation Against Hovnanian Enterprises Inc. (HOV) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
NEW YORK--(BUSINESS WIRE)-- 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") (NYS: 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.
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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 email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Attn: Juan E. Monteverde, Esq.
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