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PHH Corporation Investor Investigation Over Possible Securities Laws Violations

  • If you purchased shares of PHH Corporation (NYSE:PHH) and currently hold those NYSE:PHH shares, you may have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
PHH Corporation
Security
NYSE: PHH

Summary

San Diego, Jan. 13, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of PHH Corporation (NYSE:PHH) over potential securities laws violations by certain officers and directors at PHH Corp. was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PHH Corp (Public, NYSE: PHH) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements PHH Corporations business, its prospects and its operations were potentially materially false and misleading at the time they were made.

PHH Corporation reported that its annual Revenue rose from $2.14billion for 07 to $2.43billion for 2010 and its Net Loss of $12.00million for 2007, respectively $254million for 2008 turned to a Net Income of $48million in 2010.

However, its annual Revenue fell from $2.60billion with a Net Income of $153million in 2009 to $2.43billion Total Revenue with a Net Income of $48million in 2010. Furthermore, PHH Corporation reported a decrease in its third quarter Revenue from $572million from 2010 to $384million in 2011, and its third quarter Net Loss 2010 of $8million increased in 2011 to a third quarter Net Loss of $148million.

Shares of PHH Corporation (Public, NYSE:PHH) rose from as low as $5.14 per share on November 08 to as high as $25.24 in February 2011. However, since February 2011 NYSE PHH stocks fell to as low as under $10 in the end of December 2011.

Then on Jan. 10, 2012, PHH Corp. disclosed that in January 2012, the Consumer Financial Protection Bureau (the CFPB) notified PHH Corp. that the Consumer Financial Protection Bureau had opened an investigation to determine whether mortgage insurance premium ceding practices to the PHH Corps captive reinsurers comply with the Real Estate Settlement Procedures Act and other laws enforced by the Consumer Financial Protection Bureau and requested certain related documents and information for review.

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