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Stonegate Mortgage Corp.

Case Summary

Stonegate Mortgage Corp. Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 06/12/2017 (Court's order of dismissal)

Filing Date: March 08, 2017

According to the Complaint, headquartered in Indianapolis, Indiana, Stonegate is a leading, non-bank mortgage company focused on originating, financing, and servicing U.S. residential mortgage loans that operates as an intermediary between residential mortgage borrowers and the ultimate investors of these mortgages.

On January 27, 2017, the Company announced that it had entered into a Definitive Merger Agreement, dated January 26, 2017 (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the Company with the Company surviving as a wholly owned subsidiary of Home Point (the “Proposed Transaction”).

The Complaint alleges in pursuing the plan to facilitate the acquisition of Stonegate by Home Point for grossly inadequate consideration, and through a flawed process, the Defendants have violated Sections 14(a) and 20(a) of the Exchange Act by causing a materially incomplete and misleading Form 14a Proxy Statement (“Proxy”) to be filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2017. The Proxy recommends that Stonegate stockholders vote in favor of the Proposed Transaction based on misleading information and without disclosing all material information, which renders the Proxy misleading.

This case was voluntarily dismissed on June 12, 2017.

Company & Securities Information

Defendant: Stonegate Mortgage Corp.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SGM
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.

First Identified Complaint

John Dubisky, et al. v. Stonegate Mortgage Corp., et al.

COURT: N.D. Ohio
DOCKET #: 17-CV-00478
JUDGE: Hon. Donald C. Nugent
DATE FILED: 03/08/2017
CLASS PERIOD START: 01/27/2017
CLASS PERIOD END: 03/08/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Karon LLC
    700 West St. Clair Avenue, Karon LLC, OH 44113
    ·
  2. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
  3. Wolf Haldenstein (New York)
    270 Madison Avenue, Wolf Haldenstein (New York), NY 10016
    (212) 545-4600 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violation of the Federal Securities Laws 03/08/2017
2 U.S. District Court Civil Docket 06/12/2017
 
 

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