Hovnanian Shares Surge After Chairman Buys Stock

New York, NY, July 9, 2008--Shares of home builder Hovnanian Enterprises Inc. gained more than 20 percent Tuesday after the company's chairman reported in a regulatory filing that he recently bought 220,000 shares of common stock.

Kevork Hovnanian, in a filing with the Securities and Exchange Commission dated July 7, disclosed he bought 220,000 shares.