Ocwen Financial Corporation Announces Notice of Noncompliance With NYSE Continued Listing Standards
March 23 2015 - 7:58PM
Ocwen Financial Corporation (NYSE:OCN), a leading
financial services holding company, today announced that, on March
18, 2015, the Company received a deficiency letter from NYSE
Regulation, Inc. indicating that the Company was not in compliance
with the continued listing standards of the New York Stock Exchange
as a result of its failure to timely file its Annual Report on Form
10-K for the fiscal year ended December 31, 2014 (the "Form 10-K").
As previously disclosed by the Company in its Form 12b-25 filed
with the Securities and Exchange Commission on March 3, 2015, the
Company required additional time to complete its goodwill
evaluation analysis and its financial closing procedures and to
ensure appropriate disclosure of various recent events impacting
the Company and expected to file the Form 10-K on or before March
17, 2015. The Company was unable to file the Form 10-K within the
extended time frame permitted under Rule 12b-25. At this time, the
Company is unable to provide an expected date on which it plans to
file its Form 10-K.
The Company expects that it will need additional time to file
its Form 10-K primarily because the Company continues to analyze
and review Home Loan Servicing Solutions, Ltd.'s ("HLSS") ability
to continue to meet its obligations to fund new servicing advances.
A failure by HLSS to fund new servicing advances could have a
material negative impact on the Company's financial condition, and
the Company requires additional time to prepare information related
to its ability to operate as a going concern and to provide such
information to the auditors for the purposes of their audit of the
Company's financial statements for the year ended December 31,
2014.
The Company also continues to prepare other information, such as
regulatory, legal and liquidity updates, and to provide such
information to the auditors for the purposes of their audit of the
Company's financial statements for the year ended December 31,
2014.
As a result of receiving the deficiency letter from NYSE
Regulation, Inc., the Company has become subject to the procedures
set forth in Section 802.01E of the NYSE Listed Company Manual (the
"Manual"). NYSE Regulation will closely monitor the status of the
Company's late filing and related public disclosures for a period
of up to six months from the due date of the Form 10-K. If the
Company fails to file its Form 10-K and all other periodic reports
with subsequent due dates within the six months from the filing due
date of the Form 10-K, NYSE Regulation may, in its sole discretion,
allow the Company's securities to trade for up to an additional six
months depending on specific circumstances, as outlined in Section
802.01E of the Manual. If NYSE Regulation determines it is not
appropriate to grant any additional period, suspension and
delisting procedures will commence pursuant to Section 804.00 of
the Manual. If NYSE Regulation determines that an additional
trading period of up to six months is appropriate and the Company
fails to file the late report and any other reports with subsequent
due dates by the end of that period, NYSE Regulation will commence
suspension and delisting procedures. Notwithstanding the foregoing,
NYSE Regulation may commence delisting proceedings at any time
during the period that is available to complete the filing if
circumstances warrant.
In addition, as a result of the Company not filing its Form 10-K
by March 23, 2015, the Company will be posted to the late filers
list on the Listing Standards Filing Status page on the NYSE's
website and an LF indicator will be appended to the Profile, Data
and News pages of each listed issue.
Special Note Regarding Forward-Looking
Statements
This Current Report on Form 8-K contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Forward-looking statements by
their nature address matters that are, to different degrees,
uncertain. Forward-looking statements involve a number of
assumptions, risks and uncertainties that could cause actual
results to differ materially.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, the following: adverse effects on
our business as a result of recent regulatory settlements;
reactions to the announcement of such settlements by key
counterparties; increased regulatory scrutiny and media attention,
due to rumors or otherwise; uncertainty related to claims,
litigation and investigations brought by government agencies and
private parties regarding our servicing, foreclosure, modification
and other practices; any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; our ability
to effectively manage our regulatory and contractual compliance
obligations; our ability to execute on our strategy to reduce the
size of our Agency servicing portfolio; the adequacy of our
financial resources, including our sources of liquidity and ability
to fund and recover advances, repay borrowings and comply with debt
covenants; our servicer and credit ratings as well as other actions
from various rating agencies, including the impact of recent
downgrades of our servicer ratings; volatility in our stock price;
the characteristics of our servicing portfolio, including
prepayment speeds along with delinquency and advance rates; our
ability to contain and reduce our operating costs; our ability to
successfully modify delinquent loans, manage foreclosures and sell
foreclosed properties; uncertainty related to legislation,
regulations, regulatory agency actions, government programs and
policies, industry initiatives and evolving best servicing
practices; as well as other risks detailed in Ocwen's reports and
filings with the SEC, including its annual report on Form 10-K/A
for the year ended December 31, 2013 (filed with the SEC on August
18, 2014) and its quarterly report on Form 10-Q for the quarter
ended September 30, 2014 (filed with the SEC on October 31, 2014).
Anyone wishing to understand Ocwen's business should review its SEC
filings. Ocwen's forward-looking statements speak only as of the
date they are made and, except for our ongoing obligations under
the U.S. federal securities laws, we undertake no obligation to
update or revise forward-looking statements whether as a result of
new information, future events or otherwise. Ocwen may post
information that is important to investors on its website.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding
company which, through its subsidiaries, is engaged in the
servicing and origination of mortgage loans. Ocwen is headquartered
in Atlanta, Georgia, with offices throughout the United States and
support operations in India and the Philippines. Utilizing
proprietary technology, global infrastructure and superior training
and processes, Ocwen provides solutions that help homeowners and
make our clients' loans worth more. Ocwen may post information that
is important to investors on its website (www.Ocwen.com).
CONTACT: FOR FURTHER INFORMATION CONTACT:
Investors:
Stephen Swett
T: (203) 614-0141
E: shareholderrelations@ocwen.com
Media:
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
Dan Rene
T: (202) 973-1325
E:drene@levick.com
Ocwen Financial (NYSE:OCN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ocwen Financial (NYSE:OCN)
Historical Stock Chart
From Sep 2023 to Sep 2024