The recent acquisition of Stonegate Mortgage by Home Point Financial is being questioned by a national law firm.
Levi & Korsinsky has launched an investigation into whether Stonegate’s board of directors got a fair price per share for the company’s stockholders, according to a news release.
Stonegate stockholders will get $8 per share from the recent sale of the company to Home Point Financial. The law firm is trying to determine whether that’s enough.
“The investigation concerns whether the Board of Stonegate breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Home Point Financial Corporation is underpaying for Stonegate shares,” Levi & Korsinsky said on its website.
Michigan-based Home Point Financial Corporation announced the acquisition of Indiana-based Stonegate Mortgage only recently. The deal between the two Midwestern companies is an all-cash transaction at approximately $211 million, and would make Home Point one of the top 25 mortgage
companies in the industry, according to the Indianapolis Business Journal.
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