INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
March 09 2015 - 12:32PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Home Loan
Servicing Solutions, Ltd. (“HLSS” or the “Company”) (NASDAQ:HLSS)
that purchasers of HLSS securities 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 on 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;
however, you must 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 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 Lesley Portnoy, 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, CALesley Portnoy,
310-201-9150 or 888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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