TECHNICAL OLYMPIC S.A.
PRESS RELEASE
The Management of the TECHNICAL OLYMPIC Group hereby announces the following:
1. TECHNICAL OLYMPIC S.A., as it had announced by its relevant press release dated March 3rd, 2008, was initially included among the defendants in a class action (George Durgin class action) filed before a US Federal Court. Amongst the defendants were Banking Institutions, its subsidiary Company at the time, TOUSA Inc., which filed for relief under Chapter 11 of the Bankruptcy Code, as well as Members of its Board of Directors. The plaintiffs appeared to be undisclosed buyers of TOUSA Inc. shares, who claimed that they were entitled to raise claims, in accordance with US legislation, for the period from 1st of August 2005 up to 19th of March 2007, pursuant to the guarantees that TOUSA Inc. had provided regarding the TRANSEASTERN Joint Venture, as per their allegations.
2. The plaintiffs subsequently waived this claim and the Court permitted the interested parties to substitute the original plaintiffs. Among the three interested parties to pursue the action, the Court selected one, who would act on behalf of all aforementioned interested parties.
3. Furthermore, the Court granted the motion filed through a representative for amending or even replacing the initial class action (George Durgin class action) by another.
4. Therefore, by a new class action (George Durgin class action) filed on 19 September 2008, both TECHNICAL OLYMPIC and TOUSA INC, as well as the members of the latter's Board of Directors, namely Mr. Konstantinos Stengos, Mr. Andreas Stengos, Mr. Georgios Stengos and Mrs. Marianna Stengou, who had been included in the initial lawsuit, are not included anymore among the defendants. Consequently, there is no longer any motion nor any related claim whatsoever pending against our Company and the members of the family of Konstantinos Stengos.
1. TECHNICAL OLYMPIC S.A., as it had announced by its relevant press release dated March 3rd, 2008, was initially included among the defendants in a class action (George Durgin class action) filed before a US Federal Court. Amongst the defendants were Banking Institutions, its subsidiary Company at the time, TOUSA Inc., which filed for relief under Chapter 11 of the Bankruptcy Code, as well as Members of its Board of Directors. The plaintiffs appeared to be undisclosed buyers of TOUSA Inc. shares, who claimed that they were entitled to raise claims, in accordance with US legislation, for the period from 1st of August 2005 up to 19th of March 2007, pursuant to the guarantees that TOUSA Inc. had provided regarding the TRANSEASTERN Joint Venture, as per their allegations.
2. The plaintiffs subsequently waived this claim and the Court permitted the interested parties to substitute the original plaintiffs. Among the three interested parties to pursue the action, the Court selected one, who would act on behalf of all aforementioned interested parties.
3. Furthermore, the Court granted the motion filed through a representative for amending or even replacing the initial class action (George Durgin class action) by another.
4. Therefore, by a new class action (George Durgin class action) filed on 19 September 2008, both TECHNICAL OLYMPIC and TOUSA INC, as well as the members of the latter's Board of Directors, namely Mr. Konstantinos Stengos, Mr. Andreas Stengos, Mr. Georgios Stengos and Mrs. Marianna Stengou, who had been included in the initial lawsuit, are not included anymore among the defendants. Consequently, there is no longer any motion nor any related claim whatsoever pending against our Company and the members of the family of Konstantinos Stengos.