INVESTOR ALERT: Class Action Lawsuit Against Home Loan Servicing Solutions, Ltd. Announced by Glancy Binkow & Goldberg LLP
February 10 2015 - 12:32PM
Business Wire
Glancy Binkow & Goldberg LLP 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 a class (the “Class”)
comprising purchasers of the securities of Home Loan Servicing
Solutions, Ltd. (“HLSS” or the “Company”) (NASDAQ:HLSS) between
February 7, 2013 and January 23, 2015, inclusive (the “Class
Period”).
Please contact Casey Sadler at (888) 773-9224 or (310) 201-9150,
or at shareholders@glancylaw.com, to discuss this matter. If you
inquire by email please include your mailing address, telephone
number and number of shares purchased.
HLSS engages in the acquisition of mortgage servicing assets,
including servicing advances, mortgage servicing rights, rights to
mortgage servicing rights, and other related assets. On December
22, 2014, the Company announced that William C. Erbey will be
stepping down as non-executive Chairman of the Board of Directors
of HLSS effective January 16, 2015. Erbey also stepped down from
his post as executive chairman of Ocwen Financial Corporation,
following an investigation by New York State regulatory authorities
that alleged conflicts of interests involving financial
transactions involving Ocwen and related companies with financial
ties to Ocwen, including HLSS.
The Complaint alleges that defendants made false and/or
misleading statements and/or failed to disclose: (1) that HLSS’s
business was dependent on Ocwen and that Ocwen conduct its business
legally; (2) material risks and uncertainties of HLSS’s business
due to systemic internal control weaknesses at Ocwen; (3) that
Ocwen was under investigation for allegedly violating applicable
federal and state regulations and laws; (4) that HLSS was in breach
of provisions of its notes with BlueMountain Capital Management;
and (5) material risks to the Company if it defaults on its
notes.
On January 23, 2015, Forbes reported that BlueMountain Capital
Management delivered a notice of default against HLSS Servicer
Advance Receivables Trust on the notes BlueMountain Capital owns
that were issued in connection with the Trust, citing Ocwen’s
regulatory problems, among other recent actions, that “materially
increase the risk of loss on the Notes that are collateralized by
receivables affected by Ocwen’s standing as a servicer.” Following
this news, shares of HLSS declined by $1.59 per share, closing at
$13.76 on January 23, 2015, on extremely heavy trading volume.
If you are a member of the Class described above, you may move
the Court no later than March 30, 2015, to serve as lead plaintiff,
if you meet certain legal requirements. 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 Casey
Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, at (310)
201-9150, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email,
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
Sadler310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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