Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Home Loan Servicing Solutions, Ltd.
WILMINGTON, Del., Feb. 5, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Home Loan Servicing Solutions, Ltd. (NASDAQ GS: HLSS)?
- Did you purchase your shares between November 20, 2013 and December 29, 2014, inclusive?
- Did you lose money in your investment in Home Loan Servicing Solutions, Ltd.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Home Loan Servicing Solutions, Ltd. ("HLSS" or the "Company") (NASDAQ GS: HLSS) between February 7, 2013 and January 23, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of HLSS during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://www.rigrodskylong.com/investigations/home-loan-servicing-solutions-ltd-hlss.
HLSS acquires mortgage servicing assets from Ocwen Financial Corporation ("Ocwen"), as residential mortgage loan servicer. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) HLSS's business was dependent on Ocwen and Ocwen conducting its business legally; (2) the material risks and uncertainties of HLSS's business due to the systemic internal control weaknesses at Ocwen; (3) Ocwen was under investigation for violating applicable federal and state regulations and law, including among other things, the New York Department of Financial Services ("NY DFS") and California State investigation of Ocwen; (4) HLSS was in breach of provisions of its notes with BlueMountain Capital Management, LLC ("BlueMountain"), which harmed investors; and (5) the material risks to the Company if it defaults on its notes. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on December 22, 2014, Ocwen issued a press release detailing its settlement with the NY DFS's investigation of Ocwen by a Consent Order. As part of the Consent Order, William Erbey ("Erbey"), Chairman of the Board of Directors for both Ocwen and HLSS, stepped down from his position as Executive Chairman of Ocwen. In a press release issued on the same date, HLSS announced that Erbey was stepping down as Director and Chairman of HLSS as well.
On January 23, 2015, Forbes published an article that discussed a settlement between Ocwen and the California Department of Business Oversight and the notice of default it received from BlueMountain.
On this news, shares in HLSS fell over 10%, closing at $13.76 per share on January 23, 2015, on high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than March 30, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
[email protected]
http://www.rigrodskylong.com
SOURCE Rigrodsky & Long, P.A.
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