Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Walter Investment Management, Corp. (“Walter” or “Company”) (NYSE: WAC) and several officers and directors for acts taken during the period of May 9, 2012 to February 26, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Walter. If you are an affected Walter shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants’ misrepresented and/or failed to disclose that a) the Company lacked adequate internal controls over financial accounting and compliance with applicable laws; b) Walter’s internal controls were not effective; c) the Company’s financial statements contained false and misleading statements; d) the Company had material weaknesses in the internal controls of RMS; e) the Company overstated the value of its RMS acquisition; f) the Company was in violation of applicable law, rules and regulations, specifically, the Company’s business practices violated consumer financial protection laws, which jeopardized the Company’s revenues; and g) as a result, the Company’s statements were materially false and misleading at all relevant times. According to the complaint, when the truth emerged the Company’s stock dropped over 20%.