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Case Status:    SETTLED
On or around 02/14/2014 (Ongoing date of last review)

Filing Date: November 23, 2010

On November 23, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the Company had engaged in improper and deceptive business practices; (ii) that the Company’s subsidiary Docx had been falsifying documents through the use of robo signers; (iii) that the Company had engaged in improper fee sharing arrangements with foreclosure attorneys and/or law firms, including, but not limited to, undisclosed contractual arrangements for impermissible legal fee splitting, which are camouflaged as various types of fees; (iv) as a result of the Company’s deceptive business practices, the Company reported misleading financial results; and (v) further, as a result of the foregoing, at all relevant times, the Company’s financial outlook lacked a reasonable basis.

On October 4, 2010, in response to continued media reports and government investigations calling into question the Company’s default-related services that LPS provides to mortgage lenders and services, LPS issued a press release commenting on what it considered “mischaracterizations of its services.” As a result, the market learned that LPS’ business practices were potentially deceptive and fraudulent, causing the price of LPS stock to plummet an additional $2.72, or 8.6% per share, on October 4, 2010, to close at $28.76 per share. The price of LPS stock fell another $1.45, or 5.04%, on October 5, 2010, to close at $27.31 per share, on unusually heavy trading volume.

On March 10, Judge Timothy J. Corrigan signed the Order appointing Baltimore County Employees Retirement System as lead plaintif and approving selection of Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP as counsel. On May 18, 2011, the lead plaintiff filed an Amended Complaint.

On March 30, 2012, Judge Timothy J. Corrigan signed the Order granting defendants' motion to dismiss. Plaintiff's Amended Complaint was dismissed without prejudice, with leave to amend. On May 8, 2012, plaintiffs filed a second amended complaint. On October 5, 2012, the plaintiffs filed a third amended complaint.

On May 6, 2013, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on July 8.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LPS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 10-CV-01073
JUDGE: Hon. Timothy J. Corrigan
DATE FILED: 11/23/2010
CLASS PERIOD START: 07/29/2009
CLASS PERIOD END: 10/04/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 10-CV-01073
JUDGE: Hon. Timothy J. Corrigan
DATE FILED: 05/18/2011
CLASS PERIOD START: 08/06/2008
CLASS PERIOD END: 10/04/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date