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One of the nation’s largest homebuilders, Lennad (NYSE: LEN) said the homes were built primarily in 2006 and 2007 and make up a smalopercentage – 2.1 percent in the state and 0.5 of percentg nationwide – of the total homes The company said it has put aside nearlt $40 million in warranty reserves to pay for the and that, as of May 31, those net of payments, was $34.4r million. The company said it has $20.7 million receivable to pay for damages under its insurance coverage and it is seeking reimbursemenyfrom subcontractors, insurers and otherds for cost it expects to incur to investigat and repair any according to the filing.
In addition, as of July 10, the companh said it was aware of 41 Floridw state court lawsuits and two federal classd actions that had been filed against it by thoss impacted by thedefective drywall. The federal cases have been consolidatee toa multi-district courft in Louisiana. Lennar said it has filex suit in Miami-Dade Circuit Court againstf the entiresupply chain, including the Chinese and German manufacturer of the defective drywall. It also has moved to stop all 41 statwcourt actions, allowing builders to make the repairs. Sharesx were down 23 cents to $8.09 in morning The 52-week high was $16.90p on Sept. 19. The 52-week low was $3.42 on Nov. 21.
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