SAN DIEGO, June 24, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Nationstar Mortgage Holdings Inc (NYSE:NSM) over alleged Violations of Federal Securities Laws by Nationstar Mortgage Holdings Inc.
Investors who purchased shares of Nationstar Mortgage Holdings Inc (NYSE:NSM) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that Nationstar Mortgage Holdings failed to disclose deficiencies in management control and supervision necessary to ensure the Company’s compliance with applicable laws and regulations in connection with the servicing of mortgage servicing rights, and that Nationstar had been gouging mortgagors and illegally enhancing its profits through illicit practices, such as charging for repeated, unnecessary inspections, which resulted in additional late payment fees, and pressuring mortgagors to carry out expensive modifications and refinances on their mortgages.
In addition, the plaintiff claims that heightened regulatory scrutiny into mortgage servicing rights transferring and servicing, including a probe into Nationstar’s own loan servicing practices launched by the New York State Department of Financial Services in March 2014, was significantly increasing Nationstar’s costs of servicing mortgage servicing rights and diminishing the profitability and carrying value of the Company’s mortgage servicing rights portfolio, and that Defendants’ allegedly false and misleading statements and omissions regarding Nationstar Mortgage Holdings’ business, future revenues, operating results and financial prospects issued between February 27, 2014 and May 4, 2015 caused Nationstar Mortgage Holdings Inc common stock to trade at allegedly artificially inflated prices of as high as $38 per share.
The plaintiff alleges that due to a series of partial disclosures in late 2014 the price of Nationstar Mortgage Holdings common stock began to decline.
In January 2015 Nationstar Mortgage Holdings was named as a defendant in a class action lawsuit brought on behalf of mortgagors alleging racketeering in connection with the collection of unlawful inspection fees.
The plaintiff says that Nationstar Mortgage Holdings’ stock price declined further on a February 26, 2015 report of dismal fourth quarter and fiscal 2014 financial results, and even further when Nationstar Mortgage Holdings priced a March 25, 2015 equity offering well below market.
Those who purchased Nationstar Mortgage Holdings Inc (NYSE:NSM) shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.