On or around 06/12/2018 (Notice of voluntarily dismissal)
Filing Date: April 17, 2018
According to the Complaint, PHH Corporation ("PHH"), through its subsidiaries, provides out-sourced mortgage banking services to financial institutions and real estate brokers in the United States.
On February 27, 2018, PHH and Ocwen Financial Corporation ("Ocwen") issued a press release announcing the Proposed Transaction. Under the terms of the Merger Agreement, PHH will become an indirect wholly-owned subsidiary of Ocwen, and PHH shareholders will receive $11.00 in cash for each share of PHH common stock they own.
On April 6, 2018, PHH filed a Preliminary Proxy Statement on Schedule 14A (the “Preliminary Proxy”) with the Securities and Exchange Commission (the “SEC”) in support of the Proposed Transaction. The Complaint alleges that the Proposed Transaction is unfair and undervalued for a number of reasons. Significantly, the Complaint alleges that the Preliminary Proxy describes a series of blunders by the PHH Board leading up to and during the sales process that caused the Company to hemorrhage value and necessarily undercut the entire purpose of a properly run sales process, namely to maximize value for public stockholders.
This case was voluntarily dismissed on June 12, 2018.
Company & Securities Information
Defendant: PHH Corporation
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: PHH
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.