Mar 30, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Trecora Resources (NYSE: TREC) common stock, concerning errors in the Company’s accounting for reported equity in earnings from its investment in the Al Masane Al Kobra Mining Company (“AMAK”) in the second and third quarters of 2016, thereby impacting reported net income for those two quarters.
On March 1, 2017, after the markets closed for trading, Trecora Resources issued a press release announcing financial results for the fourth quarter and year ended December 31, 2016, and disclosed that the Company’s Audit Committee, “following consultation with management and discussion with the company’s independent registered public accounting firm . . . concluded that there were errors in the accounting for its equity in earnings from its investment in AMAK in Q2 and Q3 2016.”
Trecora Resources also determined that “it has a material weakness related to its controls surrounding the accounting for its investment in AMAK” and that “as a result of this material weakness, management will be unable to conclude that the Company’s internal controls over financial reporting are effective as of December 31, 2016.” Trecora Resources reported that it expects “the remediation of this material weakness will be completed prior to the filing of its first quarter 2017 Form 10-Q.”
On this news, shares of Trecora Resources fell over 3% during intraday trading on March 2, 2017.
If you purchased or otherwise acquired Trecora Resources securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 30, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Citizens Financial Group Inc. (NYSE: CFG) common stock or other securities, and whether Citizens Financial Group Inc. misstated the success of its so-called “Citizens Checkup” program.
On January 20, 2017, the bank reported that the programme had “resulted in approximately 400,000 scheduled appointments in 2016, with high levels of customer satisfaction.”
On March 29, 2017, in an article titled “Former Citizens Bankers Say They Faked Data for Customer-Meeting Program,” The Wall Street Journal reported that
As part of its turnaround plan, Citizens Financial Group Inc. has touted a program that invites customers into branches for what the bank calls a financial checkup. It said 400,000 such meetings were scheduled last year.
Eleven current and former Citizens branch employees in five states claim that information about some meetings was fabricated by those employees or others as they struggled to meet goals set by the bank.
On March 29, 2017, a Financial Times online article titled “Citizens Financial to conduct probe into fake customer data reports,” reported that:
Under the programme, branch employees are expected to make about 25 to 30 calls to customers each week, according to a person familiar with the basic framework. Those calls are expected to yield one or two kept appointments per week, per employee. Some bankers were under much greater pressure, according to the WSJ report. Often told to make 25 calls per day, they urged customers to consider a trip to a Citizens branch as they would consider a check-up with a doctor or a dentist.
Citizens Financial Group’s share price fell $0.54, or 1.54%, to close at $34.49 on March 29, 2017.
If you purchased or otherwise acquired Citizens Financial securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 29, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential claims on behalf of purchasers of Fang Holdings Limited (NYSE: SFUN) securities concerning whether Fang Holdings and certain of its officers or directors may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 29, 2017, Bloomberg News reported that Beijing City’s housing commission canceled the brokerage license of a unit of Fang Holdings, “because the unit posted fake online information for property sales, the commission says in statement.” Fang Holding’s American depositary shares (ADS) are listed and trade on the New York Stock Exchange and closed down $0.06, or 2.17%, on March 29, 2017 following this news.
If you purchased or otherwise acquired Fang Holdings securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 27, 2017 | Securities Class Action Archive
Kehoe Law Firm, P.C. announces that a class action complaint was filed against Walter Investment Management Corp. (NYSE: WAC) in the United States District Court for the Middle District of Florida on behalf of those who purchased Walter Investment Management (“Walter” or the “Company”) securities between February 29, 2016 and March 13, 2017, for alleged violations of the Securities Exchange Act of 1934 by Walter and three current or former senior officers. Walter is a diversified independent originator and servicer of mortgage loans, and a servicer of reverse mortgage loans in the United States. Ditech Financial is one of Walter’s subsidiaries.
Walter Investment Management Corp. Accused of Failing To Implement Adequate Financial Controls
According to the complaint, on February 29, 2016, Walter filed its Form 10-K with the SEC, stating that the Company’s recent rebranding and consolidation of Ditech would allow Walter to improve its recapture performance. Walter subsequently stated in another SEC filing that it had taken distinct actions to improve efficiencies within the organization by restructuring its mortgage loan servicing operations and improving profitability. The class action complaint alleges that Walter’s public statements were misleading because Walter failed to disclose that Ditech had a material weakness in its internal control over operational processes and, thus, lacked effective internal controls over financial reporting.
On March 14, 2017, Walter Investment Management disclosed in its Form 10-K for the year ended December 31, 2016 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. Specifically, we did not design and maintain effective controls related to our ability to identify foreclosure tax liens and resolve such liens timely, foreclosure related advances, and the processing and oversight of loans in bankruptcy status. This resulted in several adjustments to reserves during the fourth quarter of 2016 totaling $16.3 million for exposures related to deficient processes within the operating control environment for default servicing.”
Following this news, Walter’s common stock dropped $1.05 per share, or 38.89%, to close at $1.65 per share on March 14, 2017.
What Can Walter Investment Management Corp. Shareholders Do?
If you purchased Walter common stock between February 29, 2016 and March 13, 2017, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected], for information about your potential legal rights. Please also feel free to complete the form on the right, and a member of the Kehoe Law Firm will contact you directly.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Mar 23, 2017 | Consumer Protection, Employment & Technology Archive
Kehoe Law Firm, P.C. is investigating whether a reported data breach at America’s Job Link Alliance (“AJLA”) resulted in the theft of the private information of America’s JobLink website users in Alabama, Arizona, Arkansas, Delaware, Idaho, Illinois, Kansas, Maine, Oklahoma, and Vermont.
America’s JobLink website coordinates federal unemployment and workforce development programs and links job seekers with employers. Individual job seekers that use the AJLA website are required to provide their personal information, including name, date of birth, and Social Security Account Number, as part of the job search process. The data breach may have led to the theft of this sensitive, personal information.
On March 22, 2017, America’s JobLink (“AJL”) issued a press release advising that the multi-state web-based system may have been the victim of a hacking incident from an outside source. The press release stated: “On March 21st, AJLA-[Technical Support] confirmed that a malicious third party “hacker” exploited a vulnerability in the AJL application code to view the names, Social Security Numbers, and dates of birth of job seekers in the AJL systems of up to ten states: Alabama, Arizona, Arkansas, Delaware, Idaho, Illinois, Kansas, Maine, Oklahoma, and Vermont.”
The press release further stated: “On February 20, 2017, a hacker created a job seeker account in an America’s JobLink (AJL) system. The hacker then exploited a misconfiguration in the application code to gain unauthorized access to certain information of other job seekers.” The press release revealed: “The code misconfiguration was introduced in an AJL system update in October 2016.” Additionally, the press release disclosed that “America’s Job Link Alliance-Technical Support . . . first noticed unusual activity in AJL via system error messages on March 12.”
Personal compromised information may be easily sold on the “dark web” and often used illegally to steal one’s identity, open financial accounts, or transfer funds from financial accounts. Although AJLA says there is no indication that hacked information has been misused, users may have been negatively impacted by the data breach.
If you established an America’s JobLink account, entered personal information on AJLA’s website, or have received a notice that your personal information may have been compromised, or if you believe your personal information has been stolen, please contact John Kehoe, Esq., [email protected], (215) 792-6676, Ext. 801, for a free, no-obligation evaluation of your potential legal rights.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
