LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising purchasers of the securities of Home Loan Servicing Solutions, Ltd. (“HLSS” or the “Company”) (NASDAQ:HLSS) between February 7, 2013 and January 23, 2015, inclusive (the “Class Period”).
Please contact Casey Sadler at (888) 773-9224 or (310) 201-9150, or at email@example.com, to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
HLSS engages in the acquisition of mortgage servicing assets, including servicing advances, mortgage servicing rights, rights to mortgage servicing rights, and other related assets. On December 22, 2014, the Company announced that William C. Erbey will be stepping down as non-executive Chairman of the Board of Directors of HLSS effective January 16, 2015. Erbey also stepped down from his post as executive chairman of Ocwen Financial Corporation, following an investigation by New York State regulatory authorities that alleged conflicts of interests involving financial transactions involving Ocwen and related companies with financial ties to Ocwen, including HLSS.
The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that HLSS’s business was dependent on Ocwen and that Ocwen conduct its business legally; (2) material risks and uncertainties of HLSS’s business due to systemic internal control weaknesses at Ocwen; (3) that Ocwen was under investigation for allegedly violating applicable federal and state regulations and laws; (4) that HLSS was in breach of provisions of its notes with BlueMountain Capital Management; and (5) material risks to the Company if it defaults on its notes.
On January 23, 2015, Forbes reported that BlueMountain Capital Management delivered a notice of default against HLSS Servicer Advance Receivables Trust on the notes BlueMountain Capital owns that were issued in connection with the Trust, citing Ocwen’s regulatory problems, among other recent actions, that “materially increase the risk of loss on the Notes that are collateralized by receivables affected by Ocwen’s standing as a servicer.” Following this news, shares of HLSS declined by $1.59 per share, closing at $13.76 on January 23, 2015, on extremely heavy trading volume.
If you are a member of the Class described above, you may move the Court no later than March 30, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.