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
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