LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Walter Investment Management Corp. (“Walter” or the “Company”) (NYSE: WAC) concerning possible violations of federal securities laws between May 3, 2016 and March 13, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 15, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Walter made false and/or misleading statements and/or failed to disclose: that the Company’s subsidiary Ditech had a material weakness in its internal control over operational processes; that the Company lacked effective internal controls over financial reporting; and that as a result of the above, Walter’s public statements were materially false and misleading at all relevant times.
On March 14, 2017, Walter filed its Annual Report on Form 10-K with the Securities and Exchange Commission, reporting the Company's financial and operating results for the quarter and year ended December 31, 2016. Walter disclosed that “[a]s of December 31, 2016, we identified a material weakness in internal controls over operational processes within the transaction level processing of Ditech Financial default servicing activities.” When this information reached the public, shares of Walter declined in value, thus harming investors.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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