GPM Announces Investigation of PHH Corporation

LOS ANGELES--(BUSINESS WIRE)--

Glancy Prongay & Murray LLP ("GPM") announces an investigation on behalf investors of PHH Corporation ("PHH Corporation" or the "Company") PHH. The investigation concerns whether the Company violated specific sections of the United states Securities Exchange Act of 1934 by issuing materially misleading information regarding its operations and future performance.

On August 6, 2015, PHH Corporation reported that it had received a subpoena from federal authorities relating to the Company's business practices, including origination and underwriting of FHA loans. The Company also reported that it has been notified by the NY Department of Financial Services that it intends to propose entering into a "consent order to close out pending examination of report findings." The Company had earlier announced that it would delay a share buyback program, and that it will take longer to return to profitability than earlier forecast. On this news shares of PHH Corporation fell as much as 43%, or $18.05 per share, during intraday trading on August 6, 2015, thereby damaging investors.

If you purchased PHH Corporation shares, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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