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PHH Corporation (NYSE:PHH) Investor Lawsuit Against Acquisition By Ocwen Financial Corporation Filed

  • Investors who purchased shares of PHH Corporation (NYSE:PHH) may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
PHH Corporation
Security
NYSE: PHH

Case Name
PHH Deal Case 04/18/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

June 12, 2018 - The case was voluntarily dismissed.
April 17, 2018 - An investor, who currently holds shares of PHH Corporation (NYSE:PHH), filed a lawsuit in effort to halt the proposed takeover of PHH Corporation by Ocwen Financial Corporation.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PHH stockholders by agreeing to sell PHH Corporation cheaply via an unfair process to Ocwen Financial Corporation.

On February 27, 2018 , PHH Corporation (NYSE: PHH) announced that it has entered into an agreement in which Ocwen Financial Corporation (NYSE: OCN) will acquire all of the Company’s outstanding shares of common stock in an all cash transaction valued at $360 million, or $11.00per fully-diluted share.

However, plaintiff claims that the proposed consideration NYSE:PHH shareholders will receive is grossly inadequate and undervalues PHH Corporation. Indeed, NYSE:PHH shares reached as high as $27.59 per share in 2015. In addition, the plaintiff alleges that the process is also unfair to NYSE:PHH stockholders.