NEW YORK, March 7, 2008 LAWFUEL.com — The Brualdi Law Firm P.C.
announces that a class action lawsuit has been commenced in the United
States District Court for the Southern District of Florida, on behalf
of purchasers of the common stock of Levitt Corp. (“Levitt” or the
“Company”) (NYSE:LEV) between January 31, 2007 through August 14, 2007,
inclusive (the “Class Period”).
No class has yet been certified in the above action. If you are a
member of the proposed Class, you may, on or before March 25, 2008, ask
the Court to allow you to serve as lead plaintiff for the proposed
Class. To serve as a lead plaintiff, you must satisfy certain legal
requirements. In making your decision, you should take into account
that those with large financial losses resulting from the alleged
federal securities law violations are given preference in being
appointed lead plaintiff.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Tali Leger,
Director of Shareholder Relations at The Brualdi Law Firm P.C., 29
Broadway, Suite 2400, New York, New York 10006, by telephone toll free
at (877) 495-1187 or (212) 952-0602, by email to
tleger@brualdilawfirm.com or visit our website at
The complaint charges Levitt and certain of its officers and directors
with violations of the Securities Exchange Act of 1934 (the “Exchange
Act”). Levitt, together with its subsidiaries, operates as a
homebuilding and real estate development company in the southeastern
United States.
According to the complaint, on January 31, 2007, Levitt announced that
it agreed to merge with BFC Financial Corp (“BFC”). Based upon BFC
stock’s closing price on the previous trading day, the proposed
transaction valued Levitt stock at $14.41 per share — a premium of 32
percent over the closing price of $10.88 per share on the previous
trading day. The complaint alleges that, during the Class Period,
defendants issued materially false and misleading statements and failed
to disclose: (i) that the Company’s Levitt and Sons subsidiary was in
much worse financial condition than publicly represented; (ii) that as
a result of the foregoing, the Company was materially overstating its
financial results because it was failing to timely record an impairment
in the value of its homebuilding inventory at Levitt and Sons; (iii)
that the Company’s loans and advances to Levitt and Sons would not be
recovered as the subsidiary lacked the financial resources to pay now
and in the foreseeable future; and (iv) that Levitt and Sons was
insolvent.
Then, on August 15, 2007, the Company announced that the merger
agreement with BFC had been terminated, without giving any explanation.
Upon this news, shares of the Company’s stock fell $0.79 per share, or
over 21%, to close at $2.96 per share. Subsequently, on November 9,
2007, it was announced that Levitt and Sons filed for bankruptcy under
Chapter 11 of the U.S. Bankruptcy Code. Plaintiff seeks to recover
damages on behalf of all purchasers of Levitt common stock during the
Class Period (the “Class”).
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CONTACT: The Brualdi Law Firm P.C.
Tali Leger, Director of Shareholder Relations
(877) 495-1877
(212) 952-0602
tleger@brualdilawfirm.com
