WILMINGTON, Del., Feb. 5, 2015 /PRNewswire/ -- Rigrodsky &
Long, P.A.:
- Do you, or did you, own shares of Home Loan Servicing
Solutions, Ltd. (NASDAQ GS: HLSS)?
- Did you purchase your shares between November 20, 2013 and December 29, 2014, inclusive?
- Did you lose money in your investment in Home Loan Servicing
Solutions, Ltd.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J.
MacFall, announces that a complaint 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 common stock of Home Loan Servicing
Solutions, Ltd. ("HLSS" or the "Company") (NASDAQ GS: 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").
If you purchased shares of HLSS during the Class Period, and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888)
969-4242; by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/home-loan-servicing-solutions-ltd-hlss.
HLSS acquires mortgage servicing assets from Ocwen Financial
Corporation ("Ocwen"), as residential mortgage loan servicer.
The Complaint alleges that throughout the Class Period, defendants
made materially false and misleading statements, and omitted
materially adverse facts, about the Company's business, operations
and prospects. Specifically, the Complaint alleges that the
defendants concealed from the investing public that: (1) HLSS's
business was dependent on Ocwen and Ocwen conducting its business
legally; (2) the material risks and uncertainties of HLSS's
business due to the systemic internal control weaknesses at Ocwen;
(3) Ocwen was under investigation for violating applicable federal
and state regulations and law, including among other things, the
New York Department of Financial Services ("NY DFS") and
California State investigation of
Ocwen; (4) HLSS was in breach of provisions of its notes with
BlueMountain Capital Management, LLC ("BlueMountain"), which harmed
investors; and (5) the material risks to the Company if it defaults
on its notes. As a result of defendants' alleged false and
misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on December
22, 2014, Ocwen issued a press release detailing its
settlement with the NY DFS's investigation of Ocwen by a Consent
Order. As part of the Consent Order, William Erbey ("Erbey"), Chairman of the Board
of Directors for both Ocwen and HLSS, stepped down from his
position as Executive Chairman of Ocwen. In a press release
issued on the same date, HLSS announced that Erbey was stepping
down as Director and Chairman of HLSS as well.
On January 23, 2015, Forbes
published an article that discussed a settlement between Ocwen and
the California Department of Business Oversight and the notice of
default it received from BlueMountain.
On this news, shares in HLSS fell over 10%, closing at
$13.76 per share on January 23, 2015, on high trading
volume.
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. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, including claims
for breach of fiduciary duty and proxy violations in the
Delaware Court of Chancery and in
state and federal courts throughout the
United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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SOURCE Rigrodsky & Long, P.A.