SAN DIEGO, Feb. 27, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of PHH Corporation ("PHH") (NYSE: PHH)
breached their fiduciary duties in connection with the proposed
sale of the Company to Ocwen Financial Corporation ("Ocwen") (NYSE:
OCN). PHH provides outsourced mortgage banking services to
financial institutions and real estate brokers in the United States.
On February 27, 2018, PHH
announced that it had signed a definitive merger agreement with
Ocwen. Under the terms of the agreement, Ocwen will acquire all of
the outstanding shares of PHH Corporation for $11.00 in cash.
The investigation concerns whether the PHH board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for PHH shares
of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
that one Wall Street analyst has a $12.00 price target on the stock. The 52-week
high for PHH was $15.00.
If you are a shareholder of PHH and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP