From Wall Street Developments:

"Kevork Hovnanian disclosed in a filing with the Securities and Exchange Commissions that he bought 220,000 shares of his struggling company, sending the stock up 22% on Tuesday to close at $5.64.

"Investors may remember home building executives timed the peak of the market quite nicely when they sold off millions of dollars worth of their shares in the summer of 2005. While home buyers kept buying houses thinking the housing market would keep roaring, many home builder insiders — including the outspoken housing bull, luxury builder Robert Toll — were offloading their shares. The builders explained at the time that they were merely diversifying their portfolios."

K. Hovnanian® Homes™ is a nationally recognized homebuilder that has been committed to excellence since 1959. Our company started as a family-owned business, and through well-defined acquisition efforts, has expanded over the years to become a family of homebuilders with localized expertise in numerous markets throughout the United States.