BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith reminds investors of the upcoming May
15, 2017 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class of investors who purchased or
otherwise acquired 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.
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 Walter Investment securities, you may move the Court no
later than May 15, 2017 to request appointment as lead
plaintiff. 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 these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
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/20170508005987/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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