WCI Communities, Board of Directors Named in Securities Class Action

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A proposed September 2016 acquisition has given rise to a securities class action against WCI Communities, Inc., its board of directors, and Lennar Corporation and its subsidiaries Marlin Blue LLC and Marlin Green Corp. The complaint details that Lennar Corporation’s two subsidiaries were to be acquired by WCI Communities as part of a merger. Under the terms of this arrangement, WCI shareholders were to receive $11.75 in cash and a faction of a share of Lennar stock valued at $11.75. According to proposed class members, the registration statement filed by the defendants with the U.S. Securities and Exchange Commission intentionally omitted material information about the merger, thereby violating the Securities Exchange Act of 1934.