NEW YORK, April 30, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of PHH Corporation ("PHH" or the "Company") (PHH) in connection with the proposed acquisition of the Company by Ocwen Financial Corporation ("OCN"). Under the terms of the acquisition agreement, the Company's shareholders will receive $11.00 in cash for each PHH share they own.
WeissLaw is investigating whether PHH's Board acted to maximize shareholder value prior to entering into the agreement. Notably, PHH shares traded above the offer price as recently as December, peaking in August of last year when they traded for $15.00, or $4.00 above the offer price. Moreover, the Company recently announced net revenues of $109 million in the three months ended December 31, 2017. This reflects an increase of $37 million year-over-year when compared to the $72 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether PHH's Board acted in the best interests of PHH's public shareholders to maximize shareholder value prior to entering into the agreement. If you own PHH shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/phh-corporation-investigation/
SOURCE WeissLaw LLP