Danziger Shapiro, P.C. Announces Investigation of Nobility Homes, Inc.
PHILADELPHIA, PA, September 6, 2012- Danziger Shapiro, P.C., a Philadelphia based litigation law firm,(www.DS-L.com) is investigating potential breaches of fiduciary duties by the officers and directors of Nobility Homes, Inc. (NASDAQ: NOBH). This inquiry centers on allegations that Nobility Homes' historical financial statements were materially inaccurate and misleading. Approximately one year ago, on September 21, 2011, Nobility Homes filed with the Securities and Exchange Commission ("SEC") a Form NT 10-Q announcing that it was unable to complete its financial statements for its third fiscal quarter ended August 6, 2011 because of unresolved issues regarding the valuation of its inventory of pre-owned manufactured homes. On May 25, 2012, Nobility Homes filed with the SEC a Form 8-K disclosing, among other things, that the Company still had not determined the proper accounting for "various components of the Company's Finance Revenue Sharing Agreement with 21st Mortgage Corporation and the related repurchased homes" and that the Company "anticipates that previously issued financial statements may be restated but at this point is unable to determine which financial statements should no longer be relied on." Then, on June 27, 2012, Nobility Homes filed with the SEC a Form NT 10-Q announcing, among other things, that the Company's "10-Q for the quarters ended August 6, 2011 and February 4, 2012 and 10-K for the year ended November 5, 2011 have not been filed pending the resolution of valuation issues of the [Company's] guarantee obligations under the previously referenced agreement," and that as a result of the delinquent filings, the NASDAQ Stock Market had granted the Company's request for continued listing only through September 14, 2012. Pursuant to NASDAQ Listing Rules, the September 14, 2012 deadline represents the maximum amount of time the Company may be allowed to become current on its financial filings, after which the exchange may delist the Company's stock. Individuals who own Nobility Homes shares and would like to learn more about this investigation, have an interest in joining a class-action lawsuit, or have any questions concerning this announcement and their rights, should contact Adam Shapiro: (215) 545-4830 or visit: www.ds-l.com/shareholder. You may also email Mr. Shapiro at shapiro@DS-L.com.
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Danziger Shapiro, P.C., is a litigation law firm committed to representing investors nationwide in securities matters and shielding investors against corporate misconduct. For additional information, please visit www.DS-L.com.