INVESTOR ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Home Loa...
February 19 2015 - 12:32PM
Business Wire
Law Offices of Howard G. Smith reminds investors that 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”), have until March 30,
2015, to file a motion to be appointed as lead plaintiff in the
shareholder lawsuit filed in the United States District Court for
the Southern District of New York.
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 would 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 lawsuit alleges that defendants made false and/or misleading
statements and/or failed to disclose: (1) that HLSS’s business was
dependent on Ocwen and on Ocwen conducting 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 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,
please contact Howard G. Smith, Esquire, of Law Offices of Howard
G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847,
or by email to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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