Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Walter Investment Management Corp. (WAC)

Saturday, March 18, 2017 12:01 AM UTC

NEW YORK, March 17, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Walter Investment Management Corp. (“Walter Investment” or the “Company”) (NYSE:WAC) in the United States District Court for the Southern District of Florida on behalf of a class consisting of investors who purchased or otherwise acquired Walter Investment stock on the open market from May 3, 2016 through March 13, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had a material weakness in its internal control over financial reporting; and (2) as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. On March 14, 2017, the Company disclosed that there was a material weakness in internal controls over financial reporting related to operational processes associated with Ditech Financial default servicing activities for the year ended December 31, 2016. On this news, shares of the Company fell $1.05 per share or over 38% to close at $1.65 per share on March 14, 2017, damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.

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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Walter Investment Management Corp. (WAC)

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