An investor, who purchased NYSE:WAC shares, filed a lawsuit over alleged Securities Laws violations by Walter Investment Management Corp in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Walter Investment Management Corp (NYSE:WAC) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2017. NYSE:WAC investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Walter Investment Management Corp (NYSE:WAC) common shares between May 3, 2016 and March 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 3, 2016 and March 13, 2017 the defendants made false and/or misleading statements and/or failed to disclose that Walter Investment Management had a material weakness in its internal control over financial reporting, and that as a result, defendants’ statements about Walter Investment Management’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 14, 2017, Walter Investment Management Corp announces its full year and fourth quarter 2016 financial results. Walter Investment Management Corp reported that its annual Total Revenue declined from over $1.27 billion in 2015 to $995.72 million in 2016 and that its Net Loss increased from $263.19 million in 2015 to $529.16 million in 2016. Walter Investment Management Corp also disclosed a subpoena from HUD Inspector General for documents and information relating to origination and underwriting of certain specified loans. Walter Investment Management Corp 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. Walter Investment Management Corp also disclosed a material weakness for Ditech unit and is taking steps to remediate the weakness.
Shares of Walter Investment Management Corp (NYSE:WAC) declined to as low as $0.85 per share on March 16, 2017.
On March 29, 2017, NYSE:WAC shares closed at $0.99 per share.
Those who purchased NYSE:WAC shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego