BENSALEM, Pa., April 18, 2006 (PRIMEZONE) -- Smith & Smith LLP announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased securities of PHH Corporation ("PHH" or the "Company") (NYSE:PHH) during the period May 12, 2005 through March 1, 2006, inclusive (the "Class Period"). The shareholder lawsuit is pending in the United States District Court for the District of New Jersey.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's financial performance, thereby artificially inflating the price of PHH securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased PHH securities between May 12, 2005 and March 1, 2006, you have certain rights, and have until May 16, 2006, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard Smith, Esquire, of Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866) 759-2275, or by email to howardsmithlaw@hotmail.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.