Bankruptcy fears gut Beazer Homes shares

August 1, 2007
The possible bankruptcy of Charlotte, N.C.-based Beazer Homes USA Inc. caused investors to dump its stock today. Its shares were down 19.8 percent, to $11.34, at noon.

Beazer, which entered the Indianapolis area in 2002 through its acquisition of locally based Crossmann Communities Inc., is the second-largest homebuilder in the area, according to IBJ 's Book of Lists.

U.S. Global Investors Inc. senior trader Michael Nasto was quoted by Bloomberg as saying ``We're hearing Beazer is supposedly going bankrupt. If in fact that comes to fruition, the market's going to be in a world of hurt.''

The Securities and Exchange Commission launched an investigation of Beazer last week, and the FBI disclosed in March that it was looking into possible fraud
Source: XMLFULL/XMLFull3425.xml

Recent Articles by IBJ Staff

Comments powered by Disqus