SHAREHOLDER ALERT: Brower Piven Notifies Investors of Class Action Lawsuit And Encourages Those Who Have Losses In Excess Of $100,000 From Investment In Desarrolladora Homex, S.A.B. de C.V. a/k/a/ Homex Development Corp. (HXM, DHOXQ, DHOXY) To Contact Bro

STEVENSON, Md., March 24, 2017 -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Desarrolladora Homex, S.A.B. de C.V. a/k/a/ Homex Development Corp. (NYSE:HXM) (Other OTC:DHOXQ) (Other OTC:DHOXY) (“Homex” or the “Company”) American Depositary Shares (ADSs) during the period between April 30, 2012 through May 5, 2016, inclusive (the “Class Period”).  Investors who wish to become proactively involved in the litigation have until May 15, 2017 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Homex ADSs during the Class Period.  Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that between 2010 and 2013, Homex overstated its revenue by 355% or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes, that between 2010 and 2013, Homex overstated the number of units it sold by over 100,000 units or 317% of actual units sold, and that Homex and certain of its Headquarters Financial Reporting Personnel knowingly and intentionally engaged in a scheme to materially overstate Homex’s revenues, homes sold, and other related financial items.

According to the complaint, following the April 30, 2014 announcement that Homex had filed for bankruptcy protection; a May 2, 2014 announcement that the New York Stock Exchange determined to commence proceedings to delist American Depository Shares (“ADS’s”) and suspended trading of those ADSs; and a May 6, 2016 SEC filing revealing that the SEC had issued a Wells notice to the Company in connection with alleged anti-fraud, internal control and reporting violations and revealing that the Company’s financial statements for 2010-2012 should not be relied upon, the value of Homex ADSs declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Homex ADSs purchased on or after April 30, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.  You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.  Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice.  You need take no action at this time to be a member of the class.

CONTACT:  Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
[email protected]