Tarragon Corporation Receives "Subject to Delisting" Notification From Nasdaq

NEW YORK, NY -- (MARKET WIRE) -- 05/27/08 -- Tarragon Corporation (NASDAQ: TARR) announced today that it has received a Nasdaq Staff Determination notice stating that the Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because it did not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2008, and that its common stock is therefore subject to delisting from The NASDAQ Stock Market unless the Company requests a hearing before a Nasdaq Listing Qualifications Panel. The Company filed its first quarter 10-Q within the period provided to appeal this determination, and expects to receive confirmation from The Nasdaq Stock Market that it has demonstrated compliance with all Nasdaq requirements and that the common stock will remain listed.

About Tarragon Corporation

Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

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Contacts:

Broadgate Consultants, LLC Alan H. Oshiki (212) 232-2222 aoshiki@broadgate.com

Tarragon Corporation William S. Friedman (212) 949-5000 wfriedman@tarragoncorp.com

2008-05-27 17:20:15 0371090 MARKETWIRE