| Company: | PHH Corporation |
| Ticker Symbol: | NYSE: PHH |
| Class Period: | May 12, 2005 to March 1, 2006 |
| Date Filed: | Mar-20-06 |
| Lead Plaintiff Deadline: | May-16-06 |
| Court: | District, NJ |
| Allegations: |
A lawsuit has been filed in the United States District Court for the District of New Jersey, on behalf of persons who purchased or otherwise acquired publicly traded securities of PHH Corporation ("PHH" or the "Company") (NYSE:PHH) between May 12, 2005 and March 1, 2006, inclusive, (the "Class Period"). The lawsuit was filed against PHH, Terence W. Edwards and Neil J. Cashen ("Defendants").
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants issued a series of false and misleading statements during the Class Period. Specifically, these statements were false and misleading because: (1) the Company materially overstated its deferred tax assets; and(2) the Company had a variety of material control weaknesses, impeding its ability to accurately report its financial data.
On March 1, 2006, PHH indicated in a press release that its financials were materially overstated, and that an ongoing internal review would prevent it from filing its SEC Form 10-K in a timely manner. The Company also indicated that it had replaced its CFO, Neil Cashen. In reaction to this news, shares of PHH fell from $28.73 per share to $26 per share on March 2, 2006.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants issued a series of false and misleading statements during the Class Period. Specifically, these statements were false and misleading because: (1) the Company materially overstated its deferred tax assets; and(2) the Company had a variety of material control weaknesses, impeding its ability to accurately report its financial data.
On March 1, 2006, PHH indicated in a press release that its financials were materially overstated, and that an ongoing internal review would prevent it from filing its SEC Form 10-K in a timely manner. The Company also indicated that it had replaced its CFO, Neil Cashen. In reaction to this news, shares of PHH fell from $28.73 per share to $26 per share on March 2, 2006.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
