NEW YORK, July 26, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of investors who purchased Walter Investment Management Corp. ("Walter" or the "Company") (NYSE:WAC) common stock during the period between May 9, 2012 and June 6, 2013.
Click here to learn more about the investigation http://zlk.9nl.com/walter-investment-wac/, or call: 877-363-5972. There is no cost or obligation to you.
The complaint alleges that the Company misrepresented and/or failed to disclose that: a) the Company lacked adequate internal controls over financial accounting; b) the Company's financial statements contained false and misleading statements; c) the Company failed to disclose material weaknesses in the internal controls of its recent acquisition, Reverse Mortgage Solutions, Inc. ("RMS"); d) the Company had overstated the value of RMS; and e) as a result of the foregoing, all statements at relevant times were materially false and misleading.
On March 18, 2013, the Company disclosed that it had identified a material weakness in its internal control over financial reporting. On this news, the Company's shares fell 20% to close at $32.98 on March 19, 2013. On June 6, 2013, the Company reported that it had discovered a failure to record certain estimated liabilities to investors relating to servicing error by RMS and, therefore, RMS' financial statements should no longer be relied upon.
Shareholders of Walter have until September 23, 2013 to seek appointment as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/walter-investment-wac/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP