LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the May 15,
2017 deadline to file a lead plaintiff motion in the class action
filed on behalf of investors who purchased Walter Investment Management
(“Walter Investment” or the “Company”) (NYSE: WAC)
securities between May 3, 2016 and March 13, 2017, inclusive (the
“Class Period”). Walter Investment investors have until May 15,
2017 to file a lead plaintiff motion in this lawsuit.
On March 14, 2017, the Company disclosed that it received a subpoena
from the HUD Inspector General for documents and information relating to
origination and underwriting of certain specified loans. The Company
further disclosed that the Justice Department’s Civil Division is
coordinating the investigation, and there is a possibility of a demand
or a claim under the False Claims Act. The Company also disclosed a
material weakness in its Ditech unit and is taking steps to remediate
the weakness. On this news the Company’s shares fell $1.05 per share, or
nearly 40%, on March 14, 2017.
The Complaint filed in this class action lawsuit alleges that throughout
the Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) the Company’s Ditech subsidiary had a material
weakness in its internal control over operational processes; (ii)
accordingly, the Company lacked effective internal controls over
financial reporting; and (iii) as a result of the foregoing, Walter’s
public statements were materially false and misleading at all relevant
times.
If you purchased or otherwise acquired Walter Investment shares during
the Class Period you may move the Court no later than May 15,
2017 to request appointment as lead plaintiff in the putative class
action lawsuit. To be a member of the class you need not take any action
at this time; you may retain counsel of your choice or take no action
and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to this class
action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925
Century Park East, Suite 2100, Los Angeles, California 90067 at
310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170511005407/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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