SHAREHOLDER ALERT: Gainey McKenna & Egleston Reminds Investors of Class Action Against Home Loan Servicing Solutions Ltd. and...
2015年3月28日 - 8:00AM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the Southern
District of New York on behalf of all persons or entities that
purchased the securities of Home Loan Servicing Solutions Ltd.
("Home Loan" or the "Company") (Nasdaq:HLSS) between February 7,
2013 and January 23, 2015, inclusive (the "Class Period"), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the "Complaint").
The Complaint alleges that Defendants 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, Home Loan issued a press release stating
that Defendant William C. Erbey was stepping down as Director and
Chairman of the Company effective January 16, 2015. On this news,
the Company stock fell $1.02, or about 4.89%, to close at $19.83.
Further, 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,
Home Loan shares fell $3.14, or about 19.51%, to close at
$12.95.
On January 23, 2015, BlueMountain Capital Management, LLC sent a
notice of default to Home Loan and Ocwen on certain notes Home Loan
serviced. Due to recent regulatory sanctions against Ocwen, which
also has an impact on Home Loan, it constituted a breach and a
default under the terms of the leading agreement. On this news,
Home Loan shares fell $1.59, or more than 10.35% to close at
$13.76.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 30, 2015. A lead plaintiff is
a representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
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