Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all purchasers of the securities of Walter Investment Management Corp. (“Walter Investment Management” or the “Company”) (NYSE:WAC) between May 9, 2012 and February 26, 2014, inclusive (the “Class Period”).

Walter Investment Management, together with its subsidiaries, provides business services to the residential mortgage industry in the United States. The Complaint alleges that during the Class Period the Company misrepresented or failed to disclose material facts concerning Walter Investment Management’s operations and financial prospects. Specifically, defendants misrepresented or failed to disclose that:

  • The Company lacked adequate or effective internal controls over financial accounting and compliance with applicable laws.
  • The Company had overstated the value of its acquisition of Reverse Mortgage Solutions, Inc., and failed to disclose material weaknesses in the internal controls of Reverse Mortgage Solutions.
  • The Company’s business practices violated consumer financial protection laws and jeopardized the Company’s revenues and profits.
  • The Company’s financial statements contained false and misleading statements.

If you are a member of the Class described above, you have until May 6, 2014, to move the Court 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.