NEW YORK, March 10, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston 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 persons who purchased or otherwise acquired the securities of Walter Investment Management Corp. ("Walter Investment" or the "Company") (NYSE:WAC) during the period between May 9, 2012 and February 26, 2014 (the "Class Period").
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked adequate internal controls over financial accounting and compliance with applicable laws; (2) the Company's internal controls were not effective; (3) the Company's financial statements contained false and misleading statements; (4) the Company had failed to disclose material weaknesses in the internal controls of RMS; (5) the Company had overstated the value of its RMS acquisition; (6) the Company was in violation of applicable law, rules and regulations; (7) the Company's business practices violated consumer financial protection laws and jeopardized the Company's revenues and profits were at risk; and, (8) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. The Complaint alleges that when these true facts entered the market in a series of partial disclosures, the price of Walter Investment securities dropped, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 6, 2014. 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 tjmckenna@gme-law.com or gegleston@gme-law.com.
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