SAN FRANCISCO, Nov. 16, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in RE/MAX Holdings, Inc. to the Company's November 13, 2017 SEC filing and reminds investors the firm is investigating RMAX for potential securities law violations. If you purchased or otherwise acquired securities of RMAX between July 2017 and November 2, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
On November 13, 2017, RE/MAX notified the SEC that RMAX cannot meet the deadline to file its quarterly report on Form 10-Q because their ongoing internal investigation is incomplete.
Specifically, the Company's delay relates to its announcement on November 2, 2017 that it is investigating (a) an allegation of a previously undisclosed loan of funds from David L. Liniger (Co-Chief Executive Officer and Chairman) to Adam M. Contos (Co-Chief Executive Officer) and (b) allegations of wrongdoing in employment practices and conduct.
This news drove the price of RE/MAX shares down $14.05 to close at $52.65 on November 3, 2017 – a loss of about 21%.
"We're focused on RE/MAX's and senior management's apparent omissions concerning Liniger's $2.375 million personal loan to Contos for his residential purchase, and whether the omissions violated the securities laws resulting damages to investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding RE/MAX should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
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Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP