On July 24, 2013, a securities class action was filed against Walter Investment Management Corp. (Walter Investment or WAC) in the Middle District of Florida. The lawsuit alleges violations of federal securities laws against Walter Investment and certain officers and directors of the company. The class action complaint is filed on behalf of persons who purchased Walter Investment Securities between March 9, 2012 and June 6, 2013, and alleges that
Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s lacked adequate internal controls over financial accounting; (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 recent acquisition, RMS; and (6) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
Walter Investment is an asset manager, mortgage servicer and originator based in Tampa, Florida. See the complaint here.