NEW YORK, March 24, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Walter Investment Management Corporation ("Walter" or the "Company") (NYSE: WAC) and certain of its officers. The class action, filed in United States District Court, Middle District of Florida, and docketed under 17-cv-00645, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Walter securities between February 29, 2016 and March 13, 2017 both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Walter securities during the Class Period, you have until May 15, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Walter Investment Management Corporation, a diversified mortgage banking firm, focuses primarily on the servicing and origination of residential loans in the United States. Among the Company's subsidiaries is Ditech Financial ("Ditech").
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's Ditech subsidiary had a material weakness in its internal control over operational processes; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, Walter's public statements were materially false and misleading at all relevant times.
On March 14, 2017, Walter filed its Annual Report on Form 10-K with the Securities and Exchange Commission, reporting the Company's financial and operating results for the quarter and year ended December 31, 2016 (the "2016 10-K"). In the 2016 10-K, Walter disclosed that "[a]s of December 31, 2016, we identified a material weakness in internal controls over operational processes within the transaction level processing of Ditech Financial default servicing activities."
On this news, Walter's share price fell $1.05, or 38.89%, to close at $1.65 on March 14, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP