SEC Intensifies Its Examination
Of Home Builder Beazer Homes
by Ed Welsch
From The Wall Street Journal Online
July 25, 2007
Beazer Homes USA Inc. disclosed Monday that the Securities and Exchange Commission's informal probe of the company has reached the level of a formal investigation.
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The Atlanta-based home builder said in May that the SEC was investigating possible securities-law violations at the company.
News of the SEC investigation came in the wake of an FBI probe of Beazer Homes' lending practices that was made public in March. Beazer Homes also became the target of lawsuits alleging the sale of homes to people who couldn't afford them, leading to a high number of foreclosures that eroded home values in Beazer's South Carolina subdivisions.
In an SEC filing Monday to disclose the formal probe, Beazer Homes said it would continue to cooperate with the agency.
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