City of St. Clair Shores General Employees’ Retirement System v. Lender Processing Services, Inc., et al.
Status: Ongoing Case
On February 8, 2011, Labaton Sucharow was appointed lead counsel for lead plaintiff, the Baltimore County Employees’ Retirement System, in City of St. Clair Shores General Employees’ Retirement System v. Lender Processing Services, Inc., et al., Case No. 3:10-cv-01073 (M.D. Fla.). In the action, lead plaintiff asserts claims under the Securities Exchange Act of 1934 against Lender Processing Services, Inc. (“LPS”), and certain of LPS’s officers (collectively, the “LPS defendants”). Lead plaintiff represents a proposed class of all persons and entities who acquired LPS’s publicly traded common stock between August 6, 2008 and October 4, 2010 (the “class period”).
Lead plaintiff alleges that the LPS defendants violated the federal securities laws by making false and misleading statements during the class period with respect to the cause of the marked increase in revenue from LPS’s default management services business segment. In particular, lead plaintiff alleges the LPS defendants failed to disclose that the revenue increase was caused by a business model that depended on improper business practices, including illegal attorney kickbacks and fraudulent foreclosure documentation.
