NEW YORK, April 14, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Walter Investment Management Corp. ("Walter Investment" or the "Company") (NYSE:WAC) of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased Walter Investment securities between February 29, 2016 and March 13, 2017 (the "Class Period"). The case, Bonomi v. Walter Investment Management Corporation et al, No. 8:17-cv-00645 was filed on March 17, 2017, and has been assigned to Judge Virginia Maria Hernandez Covington.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company's subsidiary, Ditech Financial, had a material weakness in its internal control over operational processes; (2) consequently, the Company lacked effective internal controls over financial reporting; and (3) as a result, the Company's public statements were materially false and misleading.
Specifically, on March 14, 2017, Walter Investment filed its Form 10-K with the Securities and Exchange Commission. Therein, the Company disclosed, among other things, 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."
On this news, Walter Investment's share price fell from $2.70 per share on March 13, 2017 to a closing price of $1.65 on March 14, 2017—a $1.05 or a 38.89% drop.
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If you invested in Walter Investment securities between February 29, 2016 and March 13, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/WAC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Walter Investment's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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