An investigation for investors in NYSE:PHH shares over potential securities laws violations by PHH Corporation and certain of its directors and officers was announced.
Investors who purchased shares of PHH Corporation (NYSE:PHH), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PHH Corporation (NYSE:PHH) concerning whether a series of statements by PHH regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On February 24, 2016 PHH Corporation announced its fourth quarter 2015 results. PHH Corporation reported that its annual Total Revenue increased from $769 million in 2014 to $880 million in 2015 and that its Net Income of $81 million in 2014 declined to a Net loss of $145 million in 2015. Shares of PHH Corporation (NYSE:PHH) declined from $27.59 per share in May 2015 to as low as $8.26 per share on February 26, 2016.
On April 11, 2016, PHH Corporation provided an updated regarding its private label business. PHH Corporation announced the withdrawal of a major Company client, disclosing that Merrill Lynch Home Loans (“Merrill Lynch”) is removing PHH as the outside vendor for the origination of new applications for certain mortgage loan products. PHH Corporation further disclosed that Merrill Lynch’s “total loan closing volume accounted for approximately 26% of PHH’s overall volume in 2015,” and therefore the Company has withdrawn earnings guidance for the full-year 2016. In addition, Merrill Lynch informed the Company that Merrill “intends to insource its sub-servicing portfolio no later than … December 31, 2016. Merrill Lynch’s sub-servicing accounted for approximately $40 billion in unpaid principal balance, or 32% of the Company’s sub-servicing portfolio and 18% of its total servicing portfolio, in each case as of December 31, 2015.” Shares of PHH Corporation (NYSE:PHH) declined on April 11, 2016 to as low as $9.73 per share.
On April 22, 2016, NYSE:PHH shares closed at $12.20 per share.
Those who purchased NYSE:PHH shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com