Glancy Prongay & Murray LLP Announces Proposed Settlement in the Walter Investment Management Corp. Securities Litigation

LOS ANGELES, Sept. 10, 2018  /PRNewswire/ --

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF PENNSYLVANIA

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION,
CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED
SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION
FOR AN AWARD OF ATTORNEYS' FEES AND LITIGATION EXPENSES

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Pennsylvania, that the above-captioned litigation (the "Action") has been preliminarily certified as a class action for the purposes of settlement only on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the Stipulation and Agreement of Settlement dated July 13, 2018 (the "Stipulation").

YOU ARE ALSO NOTIFIED that that the Court-appointed Lead Plaintiff, Richard Worley ("Lead Plaintiff"), on behalf of himself and the Settlement Class, and WIMC and the other defendants in the Action (the "Defendants"), have reached a proposed settlement of the Action for $2.95 million in cash that, if approved, will resolve all claims in the Action (the "Settlement").

The Court will hold a settlement hearing (the "Settlement Hearing") on December 5, 2018 at 10:30 a.m., before the Honorable J. Curtis Joyner, in Courtroom 17-A of the James A. Byrne U.S. Courthouse, 601 Market Street, Philadelphia, PA 19106, to determine: (a) whether the Settlement Class should be finally certified, Lead Plaintiff should be finally certified as class representative for the Settlement Class, and Glancy Prongay & Murray LLP ("Lead Counsel") should be finally appointed as class counsel for the Settlement Class; (b) whether the Settlement on the terms and conditions stated in the Stipulation is fair, reasonable, and adequate to the Settlement Class, and should be approved by the Court; (c) whether a Judgment in the form attached as Exhibit B to the Stipulation (the "Judgment"), including the releases provided for in the Judgment, should be entered; (d) whether the Plan of Allocation (defined in the Stipulation) for the Net Settlement Fund (defined in the Stipulation) is fair and reasonable and should be approved by the Court; (e) whether the request by Lead Counsel for an award of Attorneys' Fees and Litigation Expenses (defined in the Stipulation) should be approved by the Court; and (f) any other matters that the Court deems appropriate. 

If you are a member of the Settlement Class, your rights are affected by the pending Action and the Settlement, and you may be entitled to a cash payment in the Settlement. If you have not yet received the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Litigation Expenses (the "Notice") and the claim form included with the Notice (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at WIMC Securities Litigation, c/o A.B. Data., P.O. Box 173049, Milwaukee, WI 53217, (866) 302-3560.  Copies of the Stipulation, Notice, and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.WalterInvestmentSettlement.com. 

If you are a member of the Settlement Class, in order to be eligible to receive a payment in the Settlement, you must submit a Claim Form in the manner stated in the Notice postmarked no later than December 20, 2018. If you are a member of the Settlement Class and do not submit a properly completed Claim Form by that date, you will not be eligible for a payment in the Settlement, but you will nevertheless be bound by the Settlement and the Judgment and the releases provided for in the Judgment and any other orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion to WIMC Securities Litigation, EXCLUSIONS, c/o A.B. Data, P.O. Box 173001, Milwaukee, WI 53217, in the manner stated in the Notice such that it is received no later than November 14, 2018. If you exclude yourself from the Settlement Class in the manner stated in the Notice, you will not be eligible for a payment in the Settlement and you will not be bound by the Settlement and the Judgment and the releases provided for in the Judgment and any other orders entered by the Court in the Action. 

If you are a member of the Settlement Class and wish to object to the Settlement, the Plan of Allocation, the request for Attorneys' Fees and Litigation Expenses, or any other aspect of the Settlement, you must submit a written objection to the Court, Lead Counsel, and Defendants' Counsel in the manner and at the addresses stated in the Notice such that it is received no later than November 14, 2018.

Please do not contact the Court, the Clerk's office, WIMC, any other defendants or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to:
WIMC Securities Litigation   
c/o A.B. Data, Ltd.
P.O. Box 173049
Milwaukee, WI 53217
866-302-3560
www.WalterInvestmentSettlement.com

Inquiries, other than requests for the Notice and the Claim Form should be made to Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Attn: Leanne Heine Solish, Esq.
1925 Century Park East, Suite 2100
Los Angeles, California 90067
888-773-9224
[email protected]

Dated: September 10, 2018 

By Order of the Court

SOURCE Glancy Prongay & Murray LLP