San Diego, CA -- (SBWIRE) -- 03/15/2017 -- An investor, who purchased shares of Desarrolladora Homex SAB de CV (ADR) (OTCMKTS:DHOXY), filed a lawsuit in New York over alleged Securities Laws violations by Desarrolladora Homex SAB de CV a/k/a Homex Development Corp. (formerly NYSE:HXM; formerly OTCMKTS:DHOXQ; formerly OTCMKTS:DHOXY in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Desarrolladora Homex SAB de CV (ADR) (formerly NYSE:HXM; formerly OTCMKTS:DHOXQ; formerly OTCMKTS:DHOXY) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2017. Desarrolladora Homex SAB de CV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Desarrolladora Homex SAB de CV (ADR) (formerly NYSE:HXM; formerly OTCMKTS:DHOXQ; formerly OTCMKTS:DHOXY) common shares between April 30, 2012 and May 5, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 30, 2012 and May 5, 2016, the defendants made false and/or misleading statements and/or failed to disclose that between 2010 and 2013, Desarrolladora Homex SAB de CV 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, Desarrolladora Homex SAB de CV overstated the number of units it sold by over 100,000 units or 317% of actual units sold, that Desarrolladora Homex SAB de CV and certain of its Headquarters Financial Reporting Personnel knowingly and intentionally engaged in a scheme to materially overstate Desarrolladora Homex SAB de CV's revenues, homes sold, and other related financial items, and that as a result, defendants' statements about Homex's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.

On March 3, 2017, Desarrolladora Homex SAB de CV agreed to settle charges with the U.S. Securities and Exchange Commission ("SEC") for allegedly reporting $3.3 billion in fraudulent sales revenue to boost revenues in its financial statements during a three year period. According to the SEC's complaint, between 2010 and 2013, Desarrolladora Homex SAB de CV overstated its revenue by 355%, or roughly $3.3 billion by reporting fictitious sales of more than 100,000 homes, inflating the numbers of homes actually sold more than fourfold. The SEC's complaint further alleges that "Homex's Headquarters Financial Reporting Personnel intentionally and knowingly uploaded false information into the Company's internal reporting and accounting systems in order to perpetrate the fictitious revenue scheme."

Those who purchased shares of Desarrolladora Homex SAB de CV (ADR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com