NEW YORK, April 23, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the Middle District of Florida, on behalf of all purchasers of Walter Investment Management Corporation ("Walter Investment" or the "Company") (NYSE:WAC) securities between May 9, 2012 and February 26, 2014, inclusive (the "Class Period") alleging violations of the Securities Exchange Act of 1934.
If you purchased Walter Investment during the Class Period, you may, no later than May 6, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 18, 2013, the Company disclosed that, based on an evaluation by the Company's Board of Directors and management, "our management, including our Chief Executive Officer and our Chief Financial Officer, has identified a material weakness in our internal control over financial reporting. As a result of this material weakness, management has concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our internal control over financial reporting was not effective."
Following this news, the Company's shares fell $8.61 per share, a drop of over 20% to close at $32.98 on March 19, 2013.
On February 27, 2014, the Company announced in a Securities and Exchange Commission Form 8-K filing that the Federal Trade Commission issued a Civil Investigation Demand to Green Tree Servicing LLC a wholly owned subsidiary of the Company, requesting information on a broad range of subjects relating to the company's operations.
Following this news, shares of Walter Investment fell more than 8% from $28.28 to close at $25.90 on February 27, 2014, on unusually heavy trading volume.
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