Home Solutions Apparently Needs Some New Solutions, Pronto
The New York Post is reporting this morning that Home Solutions of America, which is HQ'd on Dragon Street, is in considerable trouble with the government and a major stock market. Turns out that HSA -- which has "big plans for the New York real-estate market," reports the paper -- is being investigated by the Securities and Exchange Commission and NASDAQ, because the construction company refuses to disclose to investors precisely how it will make a promised "$200 million in revenues from major projects in New York and Tampa, Fla.," reports the paper. TheStreet.com has its own spin on the bad news here.
That information was disclosed Wednesday, when HSA turned into the SEC its quarterly report, which can be read in its entirety here. In those same filings you will find that executive vice president Brian Marshall was paid $1.87 million by HSA last year. As The Post points out:
Home Solutions had taken pointed criticism from investors and short sellers over its refusal to disclose any information about the projects behind that revenue estimate. On a conference call last week, Executive Vice President Brian Marshall would only note that due to a "nondisclosure agreement" the company was bound to silence.
Likely, not for long: As of this morning, its stock is in a free fall. --Robert Wilonsky