LOS ANGELES, April 27, 2017 /PRNewswire/ -- Lundin Law PC , a shareholder rights firm, announces a class action lawsuit against Walter Investment Management Corp. ("Walter" or the "Company") (NYSE: WAC) concerning possible violations of federal securities laws between May 3, 2016 and March 13, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 15, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, during the Class Period, Walter made false and/or misleading statements and/or failed to disclose: that its subsidiary Ditech had a material weakness in its internal control over operational processes; that the Company lacked effective internal controls over financial reporting; and that as a result of the above, Walter's public statements were materially false and misleading at all relevant times.
On March 14, 2017, the Company filed its Annual Report on Form 10-K with the Securities & Exchange Commission, reporting its financial and operating results for the quarter and year ended December 31, 2016. 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." When this information reached the public, Walter's stock price dropped materially, which harmed investors according to the Complaint.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles devoted to upholding shareholders' rights.
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SOURCE Lundin Law PC