HOVNANIAN ENTERPRISES, INC (OTCMKTS:HOVVB) Files An 8-K Other EventsItem 8.01. Other Events.
As previously disclosed, on December 18, 2017, the parties to the derivative and class action lawsuit filed in the Court of Chancery of the State of Delaware (the “Chancery Court”) by Plaintiff Joseph Hong entitled Joseph Hong v. Ara K. Hovnanian, et al, Civil Action No. 12999-CB, finalized a settlement agreement (the “Settlement Agreement”) to resolve the matter.The Settlement Agreement remains subject to approval by the Chancery Court.
On April 2, 2018, the Chancery Court rescheduled the hearing to approve the Settlement Agreement to Thursday, May 3, 2018 at 10:00 a.m.
About HOVNANIAN ENTERPRISES, INC (OTCMKTS:HOVVB)
Hovnanian Enterprises, Inc. is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast: New Jersey and Pennsylvania; Mid-Atlantic: Delaware, Maryland, Virginia, Washington, District of Columbia, and West Virginia; Midwest: Illinois and Ohio; Southeast: Florida, Georgia and South Carolina; Southwest: Arizona and Texas, and West: California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. The Company markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters.
