Jun 23, 2015, 06:15 ET
WAYNE, Pa., June 23, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased the common stock of Nationstar Mortgage Holdings, Inc. ("Nationstar" or the "Company") (NYSE: NSM) between July 23, 2014 and May 13, 2015, inclusive (the "Class Period").
Nationstar shareholders may, no later than August 3, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Nationstar and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/nsm.
Nationstar provides servicing, origination, and transaction based services to single-family residences in the United States. It operates in three segments: Servicing, Originations, and Solutionstar.
The complaint alleges that defendants made materially false and misleading statements regarding the company's business practices. Specifically, the complaint alleges that Nationstar: (i) failed to comply with laws and regulations for mortgage servicing rights (MSRs); (ii) illegally enhanced its profits through unsustainable means, such as charging for repeated and unnecessary inspections; and (iii) was experiencing significantly increased costs of servicing MSRs with diminished profitability, in part because of a probe into the company's loan servicing practices launched by the New York State Department of Financial Services.
Nationstar's stock has dropped multiple times as a result of various adverse revelations, including the company being named as a defendant in a federal civil action that accused Nationstar of racketeering and paying itself kickbacks. On May 5, 2015, Nationstar's stock dropped $6.66 per share, or more than 25%, to close at $19.51 per share following the release of the company's first quarter 2015 financial results in which Nationstar reported a net loss of $48.3 million.
If you are a member of the class, you may, no later than August 3, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/nsm. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
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SOURCE Ryan & Maniskas, LLP
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