| Company: | Ryland Group, Inc. |
| Ticker Symbol: | NYSE: RYL |
| Class Period: | October 22, 2003 to January 7, 2004 |
| Court: | Northern District, TX |
| Date Filed: | Jan-16-04 |
| Lead Plaintiff Deadline: | Mar-15-04 |
| Allegations: |
A securities class action lawsuit has been filed in the United States District Court for the Northern District of Texas on behalf of all purchasers of the publicly traded securities of Ryland Group, Inc. (Ryland Group" or the "Company") (NYSE: RYL--News) from October 22, 2003 through January 7, 2004, inclusive (the "Class Period").
The complaint charges Ryland Group, R. Chad Dreier, and Gordon Milne with violations of the Securities Exchange Act of 1934. Between October 22, 2003 and January 7, 2004, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. More specifically, the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Texas market (and particularly Dallas) was in a freefall; (2) that Texas buyers were proving highly resistant to the entry level homes that Ryland Group was offering; and (3) that the defendants knew or recklessly disregarded that offerings of "move up" properties would be better received in that market, but that Ryland Group was not in a position to offer these types of properties. On January 8, 2004, Ryland Group shocked the market by announcing that new orders for the fourth quarter had decreased 8.9%, largely due to an astounding 33% decline in Texas orders. Indeed, only 344 new homes were sold by Ryland Group in that quarter, as contrasted with sales of 770 new units in the third quarter of 2003. This development stood in stark contrast to the positive statements issued during the Class Period by defendants. Ryland Group stock dived $10.16, to $72.89 per share, after closing at $83.05 per share on January 7, 2003 on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Ryland Group, R. Chad Dreier, and Gordon Milne with violations of the Securities Exchange Act of 1934. Between October 22, 2003 and January 7, 2004, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. More specifically, the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Texas market (and particularly Dallas) was in a freefall; (2) that Texas buyers were proving highly resistant to the entry level homes that Ryland Group was offering; and (3) that the defendants knew or recklessly disregarded that offerings of "move up" properties would be better received in that market, but that Ryland Group was not in a position to offer these types of properties. On January 8, 2004, Ryland Group shocked the market by announcing that new orders for the fourth quarter had decreased 8.9%, largely due to an astounding 33% decline in Texas orders. Indeed, only 344 new homes were sold by Ryland Group in that quarter, as contrasted with sales of 770 new units in the third quarter of 2003. This development stood in stark contrast to the positive statements issued during the Class Period by defendants. Ryland Group stock dived $10.16, to $72.89 per share, after closing at $83.05 per share on January 7, 2003 on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
