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Home > Analysis and Commentary, Business, Canada, Company News, Finance, Manufactured Home Communities, Manufactured Housing Industry, News, Stocks, Trends > CAVCO Stock Slowly Recovering, But More Law Firms Announce CVCO Investigations, Plus MH Market Updates

CAVCO Stock Slowly Recovering, But More Law Firms Announce CVCO Investigations, Plus MH Market Updates

November 16th, 2018

CNNmoney11.16.2018ManufacturedHomeStocksMarketsReportsMHProNewsCavco Industries (CVCO) stock has been slowly recovering from the word last week that the SEC issued a subpoena to the firm in connection with trading by now ex-Chairman and CEO, Joseph Stegmayer. 2 law firms subsequently announced investigations.  Now, 2 more law firms are diving in.  That will be our featured focus this evening, found after our recap data, further below.

 

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.

 

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.

 

Select bullets from CNN Money…

  • Firm that worked for Facebook tried to plant story alleging liberal bias at Apple News
  • US box office is on track for a record-breaking year
  • Toyota is using Microsoft’s HoloLens to build cars faster
  • Judge orders White House to return Jim Acosta’s press pass
  • Volkswagen to spend $50 billion on electric car ‘offensive’
  • Nordstrom shares slide over credit card screw-up
  • PG&E unlikely to go bankrupt because of wildfires
  • ‘Crypto hangover’: Nvidia’s stock plunges nearly 17%
  • ANALYSIS The trade war is pushing business out of China, but not into America
  • World’s most popular car gets redesigned
  • GE raises $1.5 billion as pressure mounts to fix balance sheet
  • Signage is displayed on the Sears, Roebuck
  • That’s how much bankrupt Sears wants to give executives in bonuses
  • Judge approves Sears’ plan to auction off about 500 stores
  • Sears should close for good, creditors say
  • How Sears wasted $6 billion that could have kept it out of bankruptcy
  • JCPenney could be in danger of following Sears into bankruptcy
  • How narcissistic CEOs put companies at risk
  • Talking politics at work? Here are some tips
  • The argument against having close friends at work
  • The hidden power of employee resource groups
  • PERSPECTIVES 3 things businesses can do to win the climate change fight
  • These companies are leading the fight against climate change
  • Drought woes? This tech can literally make it rain
  • This floating pipe is trying to clean up all the plastic in the ocean

Select Bullets from Fox Business

  • Jeff Bezos to employees: ‘Amazon will fail,’ we need to delay it
  • Google replaces CEO of cloud unit with former Oracle exec
  • Recapping the Dow’s four-day, 700-point dip
  • What to know about the Navy’s new Lockheed Martin warship
  • Record Mega Millions haul unclaimed: Where the prize money could go
  • Best and worst airports in the US
  • US manufacturing worker crisis to get much worse, study shows
  • US economy will hit snag in 2019: Dallas Fed’s Kaplan
  • Elizabeth Warren: Leveraged lending is US economy’s ‘ticking time bomb’
  • Job hunting? These 10 US cities have the best opportunities
  • Pfizer to hike prices of 41 prescription drugs next year
  • The Never Nancy movement is gaining legs: Kennedy
  • Foxconn bests Amazon in incentives for fewer, lower-paying jobs
  • Beyoncé cuts ties with Topshop chief amid sexual allegations
  • Amazon’s NYC headquarters will displace 1,000 public school employees
  • Social Security’s ultimate insult
  • Hockney’s pool painting sells for record $90M
  • FAO Schwarz makes a big comeback three years after it closed
  • PG&E shares post big rebound after massive tumble
  • Wounded veteran rebuilds life starting a fudge business
  • Is a ‘hard’ Brexit the best deal for the UK?
  • Oil rises on expected supply cuts, though US output still surges
  • S. output has surged by almost a quarter since the start of the year.
  • Trump tax cuts won’t spare Americans higher taxes over time: Report
  • Facebook CEO Mark Zuckerberg having a ‘high noon’ moment: Varney
  • California PG&E wildfire victims susceptible to financial sucker punch: Judge Napolitano
  • Maxine Waters threatening banks is a lot of noise, no serious action: Varney
  • Want $10,000? This Oklahoma city will pay you to relocate
  • Medicaid spending accelerates as states spend more than $2T
  • NFL’s Cleveland Browns could hire female head coach, executive says

Today’s markets and stocks, at the closing bell…

9MarketIndicatorsYahooFinance11.16.2018DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

Manufactured Housing Composite Value (MHCV)

YahooFinanceManufacturedHousingCompValue11.16.2018DailyBusinessNewsStocksMarketsDataReportsMHProNews

Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

CavcoIndustriesLogoCVCOLogoManufacturedModularHousingLegalSECInvestigationsDailyBusinessNewsMHProNews

Our 3 prior Daily Business News on MHProNews reports about the Cavco Industries swirling controversies can be found linked below.   They are linked in the order published.

Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

With those a backdrop, two more specialized firms have announced their own legal investigations.

Manufactured Housing Institute on Cavco Industries, ex-Chairman Joe Stegmayer SEC “Debacle”

GlancyProngay&MurrayLLPAttorneyAtLawCAVCOIndustriesCVCODailyBusinessNewsMHProNews

Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Cavco Industries, Inc. (“Cavco” or the “Company”) (NASDAQ: CVCO) investors concerning the Company and its officers’ possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On November 8, 2018, Cavco revealed that it had received a subpoena from the SEC’s Division of Enforcement on August 20, 2018, requesting certain documents relating to trading in the stock of a public company, and that then-Chief Executive Officer Joseph Stegmayer had received a subpoena regarding similar issues on October 1, 2018.

Cavco stated: “At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by Cavco at a time when the Company had agreed to refrain from such trading. The Company intends to cooperate fully with the SEC’s investigation. Effective November 8, 2018, Mr. Stegmayer stepped down from his position as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel to the Audit Committee of the Board of Directors, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer.”

On this news, Cavco’s share price fell $49.48 per share, or over 23%, to close at $165.20 per share on November 9, 2018, on unusually heavy trading volume.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Cavco securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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LawOfficesofHowardGSmithCVCODailyBusinessNewsMHProNews

 

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation on Behalf of Cavco Industries, Inc. Investors (CVCO)

 

BENSALEM, PA.– Law Offices of Howard G. Smith announces an investigation on behalf of Cavco Industries, Inc. (“Cavco” or the “Company”) (NASDAQ: CVCO) investors concerning the Company and its officers’ possible violations of federal securities laws.

On November 8, 2018, Cavco revealed that it had received a subpoena from the SEC’s Division of Enforcement on August 20, 2018, requesting certain documents relating to trading in the stock of a public company, and that then-Chief Executive Officer Joseph Stegmayer had received a subpoena regarding similar issues on October 1, 2018.

Cavco stated: “At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by Cavco at a time when the Company had agreed to refrain from such trading. The Company intends to cooperate fully with the SEC’s investigation. Effective November 8, 2018, Mr. Stegmayer stepped down from his position as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel to the Audit Committee of the Board of Directors, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer.”

On this news, Cavco’s share price fell $49.48 per share, or over 23%, to close at $165.20 per share on November 9, 2018, on unusually heavy trading volume.

If you purchased Cavco securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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As noted in the caption in our graphic above, MHProNews is not taking a position on this still emerging controversy. Rather, we are providing a sense of the visible activities that may provide industry professionals and investors some clues about what a Cavco insider called a “debacle.” See our related reports, linked above and below.

Cavco Shareholder Suits Prepping, CVCO, SEC, Insider Responses to Growing Scandal

 

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

11.16.2018DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.


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