Home Loan Servicing Solutions, Ltd. Securities Litigation
On or around 11/17/2017 (Date of order of final judgment)
Filing Date: January 29, 2015
According to the law firm press release, Home Loan Servicing Solution acquires mortgage servicing assets and engages Ocwen Financial Corporation to service the mortgage loans underlying such assets. According to the lawsuit, the Company made false and/or misleading statements and/or failed to disclose that: (i) the Company’s business was dependent on Ocwen and Ocwen conducting its business legally; (ii) the Company’s business faced material risks and uncertainties due to the systemic internal control weaknesses at Ocwen; (iii) Ocwen was under investigation for violating applicable federal and state regulations and laws, including among other things, the New York Department of Financial Services’ and the state of California’s investigation of Ocwen; (iv) the Company was in breach of provisions of its notes held by BlueMountain Capital Management, LLC; and (v) the Company faced material risks if it defaults on its notes. The suit claims that when the truth was revealed, it caused the price of the Company’s stock to drop, damaging investors.
On January 28, 2016, this case was transferred to the Southern District of Florida.
On June 9, 2017, the parties entered into a Stipulation of Settlement. Preliminary approval was granted on June 14. Final approval was granted on November 17.
Company & Securities Information
Defendant: Home Loan Servicing Solutions, Ltd.
Industry: Investment Services
Headquarters: Cayman Islands
Ticker Symbol: HLSS
Company Market: NASDAQ
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.
First Identified Complaint
Adam Oliveira, et al. v. Home Loan Servicing Solutions, Ltd., et al.