Legal Proceedings
−Removed: We are a party to various claims, legal actions and complaints arising in the ordinary course of business.
−Removed: In the opinion of management, the disposition of these matters will not have a material adverse effect on our condensed consolidated financial statements.
−Removed: From time to time, we are also a party to various lawsuits involving purchases and sales of real property.
−Removed: These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties.
+Added: We are party to various claims and lawsuits which arise in the ordinary course of business, but we do not consider the volume of our claims and lawsuits unusual given the number of homes we deliver and the fact that the lawsuits often relate to homes delivered several years before the lawsuits are commenced.
+Added: Although the specific allegations in the lawsuits differ, they most commonly involve claims that we failed to construct homes in particular communities in accordance with plans and specifications or applicable construction codes and seek reimbursement for sums allegedly needed to remedy the alleged deficiencies, assert contract issues or relate to personal injuries.
+Added: Lawsuits of these types are common within the homebuilding industry.
+Added: We are a plaintiff in a number of cases in which we seek contribution from our subcontractors for home repair costs.
+Added: The costs incurred by us in construction defect lawsuits may be offset by warranty reserves, our third-party insurers, subcontractor insurers or indemnity contributions from subcontractors.
+Added: From time to time, we are also a party to lawsuits involving purchases and sales of real property.
+Added: These lawsuits often include claims regarding representations and warranties made in connection with the transfer of the property and disputes regarding the obligation to purchase or sell the property.
+Added: From time-to-time, we also receive notices from environmental agencies or other regulators regarding alleged violations of environmental or other laws.
+Added: We typically settle these matters before they reach litigation for amounts that are not material to us.
+Added: We do not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on our business or financial position.
+Added: There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended November 30, 2020.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.