UWM alleges Two Harbors rigged shareholder outreach before vote
UWM says Two Harbors’ process favored management and blocked shareholder outreach, contributing to a turnout shortfall that derailed the $1.3 billion stock deal.
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3 Articles
UWM alleges Two Harbors rigged shareholder outreach before vote
United Wholesale Mortgage (UWM) filed a lawsuit on Monday that accuses Two Harbors Investment Corp. (TWO) of willfully breaching its merger agreement and committing fraud while pursuing a competing deal with CrossCountry Mortgage (CCM). UWM alleges TWO’s leadership deliberately undermined the stockholder process for UWM’s transaction, including by sabotaging the March 16 meeting scheduled to approve the deal. UWM also claims TWO threatened to se…
UWM Seeks More Than $500M From Two Harbors After Failed Deal
The fight over Two Harbors Investment Corp. did not end when shareholders approved its sale to CrossCountry Mortgage.Now United Wholesale Mortgage wants damages.UWM Holdings Corp. and UWM Acquisitions 1 LLC sued Two Harbors in federal court Monday, seeking more than $500 million and alleging breach of contract and fraud in connection with the collapse of the companies’ original $1.3 billion merger.The lawsuit lands just days after UWM disclosed …
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