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PHH facing another lawsuit over Ocwen deal

Another shareholder has filed a purported class action lawsuit against PHH Corp. and its directors in a bid to block the company's pending acquisition by Ocwen Financial Corp.

Adam Franchi, who claims he is a shareholder of PHH, is accusing the company and its directors of publishing false and misleading statements about the terms and conditions of the merger.

Franchi, who filed the lawsuit in the U.S. District Court for the District of New Jersey, is also seeking the award of damages and litigation expenses in an unspecified amount.

The defendants believe the lawsuit has no merit, according to a regulatory filing.

In early May, PHH said Greg Smith, who claims that he is a PHH shareholder, also sued to block the merger.