NEW YORK, June 12, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Nationstar Mortgage Holdings, Inc. (“Nationstar” or the “Company”) (NYSE:NSM). The class action, filed in United States District Court for the Southern District of Florida, is on behalf of a class consisting of all persons or entities who purchased Nationstar common stock between February 27, 2014 and May 4, 2015 inclusive (the "Class Period").
Wolf Haldenstein encourages all shareholders, who suffered losses greater than $100,000 on common stock purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
According to the filed complaint, defendants made materially false and misleading statements regarding the company's business practices. Specifically, the complaint alleges that Nationstar: (i) failed to comply with laws and regulations for mortgage servicing rights (MSRs); (ii) illegally enhanced its profits through unsustainable means, such as charging for repeated and unnecessary inspections; and (iii) was experiencing significantly increased costs of servicing MSRs with diminished profitability, in part because of a probe into the company's loan servicing practices launched by the New York State Department of Financial Services.
Nationstar's stock has dropped multiple times as a result of various adverse revelations, including the company being named as a defendant in a federal civil action that accused Nationstar of racketeering and paying itself kickbacks. On May 5, 2015, Nationstar's stock dropped $6.66 per share, or more than 25%, to close at $19.51 per share following the release of the company's first quarter 2015 financial results in which Nationstar reported a net loss of $48.3 million.
If you purchased Nationstar common stock during the Class Period, you may, no later than August 3, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website www.whafh.com. All e-mail correspondence should make reference to the “Nationstar Investigation.”
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