DJSP reports smaller profit as AG probe looms

DJSP reports smaller profit as AG probe looms

DJSP reports smaller profit as AG probe looms

South Florida Business Journal

Tuesday, September 7, 2010, 6:05pm EDT

As an investigation by the Florida Attorney General’s Office looms over its chairman and CEO, Plantation-based DJSP Enterprises reported a decline in both profits and income during the second quarter.

The foreclosure and title processing company (NASDAQ: DJSP) reported net income of $3.8 million, or 32 cents a share, on revenue of $56.1 million. That’s down from net income of $14.1 million, or 73 cents a share, on revenue of $61.7 million in the second quarter of 2009.

DJSP handles foreclosure legal work for major lenders, and its largest client is the Law Offices of David J. Stern, P.A. The lawyer is chairman and CEO of DJSP.

On Aug. 10, Attorney General Bill McCollum announced he had started an investigation of David J. Stern, P.A., along with three other Florida law firms, over whether they engaged in unfair and deceptive actions in the handling of foreclosure cases. There have been allegations that the law firms fabricated mortgage assignments to speed up foreclosures.

David J. Stern, P.A. responded to the news by stating that it would cooperate with the investigation and it has done nothing wrong.

In addition, a pending class action lawsuit accuses Stern and his firm of violating the RICO Act.

Continue reading… South Florida Business Journal

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3 Responses to “DJSP reports smaller profit as AG probe looms”

  1. PJ says:

    The “Si Casa Me Casa” is about to sink… Stern better hope he holes up with Bernnie and not the fish…

  2. dinsfla says:

    The investors here are really hammering out the numbers and it does not paint a pretty picture! These are no fools!

  3. PJ says:

    Those unqualified “paralegal’s” are sure yakking it up on the stock boards for David… perhaps they signed on with Stern & Company with IPO stock offerings, instead of a weekly paycheck.. in a few short weeks this will be de-listed from the exchange, then Stern and company will have a few people to really worry about. By the way how much stock in DJSP is owned by the Gerald M Shapiro Trust… they spent a pretty penny on million dollar property in Colorado just after the IPO last April.


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