A lawsuit was filed for investors in shares of PHH Corporation (NYSE:PHH) in connection with the proposed takeover and NYSE:PHH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/23/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of PHH Corporation (NYSE:PHH), filed a lawsuit against the takeover of PHH Corporation by Ocwen Financial Corporation.
Investors who purchased shares of PHH Corporation (NYSE:PHH) and currently hold any of those NYSE:PHH shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PHH stockholders by agreeing to sell PHH Corporation cheaply via an unfair process to Ocwen Financial Corporation.
On February 27, 2018 , PHH Corporation (NYSE: PHH) announced that it has entered into an agreement in which Ocwen Financial Corporation (NYSE: OCN) will acquire all of the Company's outstanding shares of common stock in an all cash transaction valued at $360 million, or $11.00per fully-diluted share.
However, plaintiff claims that the proposed consideration NYSE:PHH shareholders will receive is grossly inadequate and undervalues PHH Corporation. Indeed, NYSE:PHH shares reached as high as $27.59 per share in 2015. In addition, the plaintiff alleges that the process is also unfair to NYSE:PHH stockholders.
Those who are current investors in PHH Corporation (NYSE:PHH) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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