STEVENSON, Md., March 10, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of purchasers of Walter Investment Management Corporation ("Walter Investment" or the "Company") (NYSE:WAC) securities during the period between May 9, 2012 and February 26, 2014, inclusive (the "Class Period").
If you have suffered a net loss from investment in Walter Investment securities purchased on or after May 9, 2012 and held through the revelation of negative information on March 18, 2013 and/or February 27, 2014, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 6, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company lacked adequate internal controls over financial accounting and compliance with applicable laws and that the Company's business practices violated consumer financial protection laws, thereby jeopardizing future revenues and profits such that the Company's financials were false and misleading. According to the complaint, following the Company's March 18, 2013 disclosure that Company management identified a material weakness in the Company's internal control over financial reporting and the Company's February 27, 2014 announcement that the FTC issued a Civil Investigation Demand to Company subsidiary Green Tree Servicing LLC requesting information relating to the company's operations, the value of Walter Investment shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 hoffman@browerpiven.comSource: Brower Piven, A Professional Corporation