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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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August 1, 2018 - The court preliminarily approved the settlement.
July 13, 2018 - A stipulation of settlement was filed by the parties.
November 14, 2017 - A motion to dismiss the amended complaint was filed.
September 19, 2017 - An amended complaint was filed.
May 3, 2017 - The case was transferred to the U.S. District Court for the Eastern District of Pennsylvania.
March 16, 2017 - An investors in shares of Walter Investment Management Corp (NYSE: WAC) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by Walter Investment Management Corp in connection with certain allegedly false and misleading statements made between May 3, 2016 and March 13, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Walter Investment Management Corp (NYSE: WAC) common shares between May 3, 2016 and March 13, 2017, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between May 3, 2016 and March 13, 2017 the defendants made false and/or misleading statements and/or failed to disclose that Walter Investment Management Corp had a material weakness in its internal control over financial reporting, and that as a result, defendants’ statements about Walter Investment Management Corp’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 14, 2017, Walter Investment Management Corp announces its full year and fourth quarter 2016 financial results. Walter Investment Management Corp reported that its annual Total Revenue declined from over $1.27 billion in 2015 to $995.72 million in 2016 and that its Net Loss increased from $263.19 million in 2015 to $529.16 million in 2016. Walter Investment Management Corp also disclosed a subpoena from HUD Inspector General for documents and information relating to origination and underwriting of certain specified loans. Walter Investment Management Corp further disclosed that the Justice Department’s Civil Division is coordinating the investigation, and there is a possibility of a demand or a claim under the False Claims Act. Walter Investment Management Corp also disclosed a material weakness for Ditech unit and is taking steps to remediate the weakness.
Shares of Walter Investment Management Corp (NYSE: WAC) declined to as low as $0.85 per share on March 16, 2017.