On April 10, 2017, Lennar Corporation (the “Company”) issued a
press release reporting that due to recent events which have
transpired in litigation since the Company issued its earnings
release, it has recorded a litigation accrual which will result
in first quarter net earnings being lower than the $130.8
million, or $0.56 per diluted share, stated in its first quarter
earnings press release on March 21, 2017. Subsequent to the
earnings release, on March 23, 2017, the United States Court of
Appeals for the Fourth Circuit held oral argument in an appeal in
connection with litigation in which the Company is involved.
Based on the Court hearing, the Companys assessment of the
probable outcome of the litigation has changed, and it now
believes it is appropriate to record a one-time charge of $140
million for this litigation. The accrual represents the high end
of the range of expected liability associated with the
litigation. The Company was required to record the litigation
accrual as a charge against pre-tax earnings in its first quarter
because the determination that an accrual should be recorded was
made before the Company filed its Form 10-Q for the first
quarter. In addition to the accrual, the Company would purchase
the property which is the subject of the litigation for $114
million, which approximates the Companys estimate of the fair
value of the property. As a result of this accrual, the Companys
first quarter net earnings reported in its Form 10-Q filed on
April 10, 2017 are $38.1 million or $0.16 per diluted share. The
press release is attached to this Report as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

The following exhibit is furnished as part of this Current Report
on Form 8-K.