NEW YORK, Feb. 28, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Walter Investment Management Corp. ("Walter Investment" or the "Company") (NYSE: WAC) (CUSIP: 93317W102) Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Walter Investment and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 27, 2014 the Company announced in a Securities and Exchange Commission ("SEC") Form 8-K filing that "in November 2010, the Federal Trade Commission ("FTC") issued a Civil Investigation Demand ("CID") to an unknown number of mortgage servicers, including Green Tree Servicing LLC ("Green Tree"), a wholly owned indirect subsidiary of the Company, requesting information on a broad range of subjects relating to the companies' operations. The Consumer Financial Protection Bureau ("CFPB") began participating in the FTC's investigation in April 2012. In September 2012, the CFPB issued CIDs to a number of mortgage servicers, including Green Tree, requesting information on a broad range of subjects relating to the companies' mortgage servicing operations."
"On October 7, 2013, the CFPB notified Green Tree, that the CFPB's staff is considering recommending that the CFPB take action against Green Tree for alleged violations of various federal consumer financial laws. On February 20, 2014, the FTC and CFPB staff advised Green Tree that it has sought authority to bring an enforcement action and negotiate a resolution related to alleged violations of various federal consumer financial laws."On this news, shares of Walter Investment fell from $28.28 to $25.90, more than 8%, on unusually heavy trading volume, on February 27, 2014. The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.