SOURCE: Izard Nobel LLP

November 23, 2010 15:47 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Lender Processing Services, Inc.

WEST HARTFORD, CT--(Marketwire - November 23, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Florida on behalf of purchasers of the common stock of Lender Processing Services, Inc. ("LPS" or the "Company") (NYSE: LPS) between July 29, 2009 and October 4, 2010, inclusive (the "Class Period").

The Complaint charges LPS and certain of its officers and directors with violations of federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following material adverse facts: (i) LPS had engaged in improper and deceptive business practices; (ii) the Company's subsidiary Docx had been falsifying documents through the use of robo signers; (iii) LPS had engaged in improper fee sharing arrangements with foreclosure attorneys and/or law firms, including, but not limited to, undisclosed contractual arrangements for impermissible legal fee splitting, which are camouflaged as various types of fees; and (iv) as a result, LPS reported misleading financial results.

On October 4, 2010, in response to continued media reports and government investigations questioning the default-related services that LPS provides to mortgage lenders and servicers, LPS issued a press release commenting on what it considered "mischaracterizations of its services." As a result, the market learned that LPS' business practices were potentially fraudulent, causing the price of LPS stock to drop $2.72 to $28.76 per share.

If you are a member of the class, you may, no later than January 24, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/lenderprocessingservices/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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