Robbins Umeda LLP Announces an Investigation of Lender Processing Services, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Lender Processing Services, Inc. (“Lender Processing” or the “Company”) (NYSE: LPS). Lender Processing provides integrated technology and outsourced services to the mortgage lending industry in the United States. Lender Processing is headquartered in Jacksonville, Florida.
Robbins Umeda LLP’s investigation concerns whether the Company’s directors and officers damaged Lender Processing by causing or allowing it to issue improper statements regarding the Company’s financial condition, business and prospects. Specifically, our investigation concerns whether certain of Lender Processing’s directors and officers failed to disclose that the Company had engaged in improper and deceptive business practices, and as a result, reported misleading financial results.
On October 4, 2010, in response to continued media reports and government investigations questioning the default-related services that the Company provides to mortgage lenders and servicers, Lender Processing issued a press release commenting on what it considered “mischaracterizations of its services” rather than denying it engaged in such practice. Upon this news, Lender Processing’s stock dropped more than 10% over the next few days, going from a closing price of $31.48 per share on October 1, 2010, to a closing price of $27.31 on October 5, 2010.
If you are a shareholder of Lender Processing, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.