NEW YORK, March 16, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Walter Investment Management Corp. ("Walter Investment Management" or the "Company") (WAC).
The investigation focuses on whether the Company and its executives violated federal securities laws.
Specifically, on March 14, 2017, Walter Investment Management disclosed that "[a]s of December 31, 2016, we identified a material weakness in internal controls over operational processes within the transaction level processing of Ditech Financial default servicing activities." Then, the Company stated its subsidiary, RMS, received a subpoena from the Office of Inspector General of Department of Housing and Urban Development dated January 12, 2017 "requesting certain documents and information relating to the origination and underwriting of certain specified loans." Lastly, the Company revealed that the investigation, held in coordination with the U.S. Department of Justice, Civil Division, could lead to a demand or claim under the False Claims Act, which could amount to penalties and treble damages.
On this news, shares of Walter Investment Management significantly declined, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/WAC. There is no cost or obligation to you.
If you invested in Walter Investment Management stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/WAC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Walter Investment Management's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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