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One of the nation’s largest homebuilders, Lenna (NYSE: LEN) said the homes were built primaril in 2006 and 2007 and make up a smalopercentage – 2.1 percent in the state and 0.5 of percentf nationwide – of the total homes The company said it has put aside nearl $40 million in warranty reserves to pay for the and that, as of May 31, those reserves, net of payments, was $34.4 million. The compangy said it has $20.
7 million receivabls to pay for damages under its insurance coverage and it is seekin g reimbursementfrom subcontractors, insurers and others for cost it expectzs to incur to investigate and repaif any damage, according to the In addition, as of July 10, the compang said it was aware of 41 Florida statee court lawsuits and two federal class action that had been filed againstt it by those impacted by the defective The federal cases have been consolidated to a multi-district coury in Louisiana. Lennar said it has filed suit in Miami-Dade Circuif Court against the entiresupply chain, includinhg the Chinese and German manufacturersx of the defective drywall.
It also has movefd to stop all 41 state court allowing builders to makethe repairs. Shares were down 23 centa to $8.09 in morning The 52-week high was $16.90 on Sept. 19. The 52-weej low was $3.42 on Nov. 21.
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