SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Home Loan Servicing Solutions L...
2015年3月21日 - 4:56AM
Pomerantz LLP announces that a class action lawsuit has been filed
against Home Loan Servicing Solutions Ltd. ("HLSS" or the
"Company") (Nasdaq:HLSS) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 15-cv-947 is on behalf of a class
consisting of all persons or entities who purchased HLSS securities
between February 7, 2013 and January 23, 2015, inclusive (the
"Class Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased HLSS securities during
the Class Period, you have until March 30, 2015 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Home Loan Servicing Solutions, Ltd., through its subsidiaries,
engages in the acquisition of mortgage servicing assets. Its
mortgage servicing assets consists of servicing advances, mortgage
servicing rights, rights to mortgage servicing rights, and other
related assets.
The Complaint alleges that the Company made false and/or
misleading statements and/or failed to disclose that: (i) the
Company's business was dependent on Ocwen Financial Corporation
("Ocwen") and Ocwen conducting its business legally; (ii) the
Company's business faced material risks and uncertainties due to
the systemic internal control weaknesses at Ocwen; (iii) Ocwen was
under investigation for violating applicable federal and state
regulations and laws, including among other things, the New York
Department of Financial Services' and the state of California's
investigation of Ocwen; (iv) the Company was in breach of
provisions of its notes held by BlueMountain Capital Management,
LLC; and (v) the Company faced material risks if it defaults on its
notes.
On December 22, 2014, HLSS filed a Form 8-K with the SEC with a
press release stating that Defendant William C. Erbey was stepping
down as Director and Chairman of HLSS effective January 16, 2015
and Robert J. McGinnis would be the new Chairman. On the news of
Defendant Erbey's resignation, shares in HLSS securities fell
$1.02, or about 4.89%, to a closing price of $19.83 on December 22,
2014.
On January 13, 2015, it was revealed in an article published by
Investor's Business Daily that California regulators were seeking
to suspend Ocwen's mortgage license. On this news, HLSS shares fell
$3.14, or about 19.51%, to a closing price of $12.95 on January 13,
2015.
On January 23, 2015, BlueMountain Capital Management, LLC sent a
notice of default to HLSS and Ocwen on certain notes HLSS serviced.
Due to recent regulatory sanctions against Ocwen, which also has an
impact on HLSS, it constituted a breach and a default under the
terms of the leading agreement. On this news, HLSS shares fell
$1.59, or more than 10.35% to close at $13.76 on January 23,
2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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