LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray, LLP announces that a class action lawsuit has been filed against Nationstar Mortgage Holdings Inc. ("Nationstar" or the "Company") (NYSE: NSM) on behalf of investors who purchased or otherwise acquired shares between February 27, 2014 and May 4, 2015, inclusive (the "Class Period"). Investors that purchased during the Class Period have until August 1, 2015, to file a motion seeking appointment as a lead plaintiff in the class action.
Nationstar generates revenues primarily through its loan servicing business. The complaint alleges that during the Class Period the Company misled investors into believing that Nationstar was improving its profitability as a result of increased servicing revenue on its expanding loan portfolio. Unbeknownst to investors, Nationstar allegedly engaged in unethical and allegedly illegal behavior in connection with servicing the loan portfolio. The complaint alleges Nationstar had been overcharging borrowers and illegally enhancing its profits through illicit practices, such as charging for repeated, unnecessary inspections, which resulted in additional late payment fees, and pressuring mortgagors to carry out expensive modifications and refinances on their mortgages. On May 5, 2015, Nationstar issued disappointing first quarter 2015 financial results in part related to enforcement actions by government regulators to limit the Company’s allegedly unethical and/or illegal business practices. The Company reported a net loss of $48.3 million, on revenues that had fallen 15% year-over-year. On this news, shares of Nationstar fell by over $6.60 to close at $19.51 per share on May 5, 2015.
If you purchased shares of Nationstar during the class period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email 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.
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