Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
March 4, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
October 22, 2013 - Parties filed an amendment to the stipulation of settlement.
July 8, 2013 - The court preliminarily approved the settlement.
May 6, 2013 - Parties filed a stipulation of settlement.
November 16, 2012 - The defendants filed a motion to dismiss.
October 5, 2012 -The lead plaintiff filed a third amended complaint.
June 8, 2012 - The defendants filed a motion to dismiss.
May 8, 2012 - The lead plaintiff filed a second amended complaint.
March 30, 2012 - The court granted the defendants' motion to dismiss without prejudice.
July 18, 2011 - The defendants filed a motion to dismiss.
May 18, 2011 - The lead plaintiff filed an amended complaint.
March 10, 2011 - The lead plaintiff and lead counsel were appointed.
January 24, 2011 - Lead plaintiff motions were filed.
November 23, 2010 - An investor in shares of Lender Processing Services Inc (NYSE: LPS) filed a lawsuit in the U.S. District Court for the Middle District of Florida against Lender Processing Services Inc over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Lender Processing Services Inc between July 29, 2009 and October 4, 2010 that Lender Processing Services Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between July 29, 2009 and October 4, 2010 material adverse facts about Lender Processing Services Inc's true financial condition, business and prospects.
Lender Processing Services Inc's 12month total revenue went from $1.484billion in 2006 to $2.37billion in 2009. It's net income increased from $201million to $276million. For the first three quarters in 2010 Lender Processing Services Inc reported quarterly total revenue of $592.39millio, $599.08million, and $626.04million. Its combined net income for the first nine month in 2010 was at $231.62million.
But in early 2010, so the lawsuit, the U.S. Attorney’s office in the Middle District of Florida announced an investigation of Lender Processing Services Inc and its subsidiary Docx, for their alleged improper use of false documents to foreclose on Florida homeowners. The civil investigation focuses on allegations that Lender Processing Services Inc engaged in creating and manufacturing “bogus assignments’ of mortgage ownership in order to complete foreclosures quicker.
Additionally, so the plaintiff, according to several media reports and various investigations Lender Processing Services Inc's default-related services division has also been accused of improperly splitting fees with attorneys, calling into question the source of a substantial portion of the company’s revenue.
The plaintiff claims that as a result of the false statements, Lender Processing Services Inc stock traded at artificially inflated prices between July 29, 2009 and October 4, 2010, reaching a high of $43.99 per share on October 23, 2009. Then on October 4, 2010, after Lender Processing Services Inc issued a press release commenting on what it considered mischaracterizations of its services. the price of Lender Processing Services Inc stock declined an additional $2.72, or 8.6% per share, on October 4, 2010, to close at $28.76 per share. The price of Lender Processing Services Inc (NYSE: LPS) stock fell another $1.45, or 5.04%, on October 5, 2010, to close at $27.31 per share, on unusually heavy trading volume. Shares of Lender Processing Services Inc. (NYSE: LPS) traded recently at $31.33 per share, down from its current 52weekHigh of $43.09 per share.