Update in Lawsuit for Investors in Ocwen Financial Corp (NYSE:OCN) shares announced by Shareholders Foundation
May 03 2016 - 9:45AM
The Shareholders Foundation, Inc. announces that a lawsuit is
pending in Florida on behalf of certain purchasers of shares of
Ocwen Financial Corp (NYSE:OCN) over alleged Securities Laws
Violations by Ocwen Financial.
Investors who purchased shares of Ocwen Financial Corp
(NYSE:OCN) prior to January 2012 and currently hold any of those
NYSE:OCN shares have certain options and should contact the
Shareholders Foundation at mail@shareholdersfoundation.com or call
+1(858) 779 - 1554.
On August 4, 2014, the New York's Department of Financial
Services disclosed that it was investigating whether Ocwen
Financial Corp (“Ocwen Financial”) entered into improper
transactions with affiliated entities. According to the New York's
Department of Financial Services, Ocwen Financial entered into an
arrangement with Altisource Portfolio Solutions S.A., whose
executives have substantial ties to Ocwen Financial, which raises
concerns about whether such transactions were priced fairly and
conducted at arm's-length.
On August 12, 2014, a lawsuit was filed against Ocwen Financial
over alleged securities laws violations. The plaintiff claimed that
the Defendants issued certain allegedly materially false and
misleading statements and allegedly omitted material information
from Ocwen Financial's public disclosures, which allegedly failed
to disclose, among other things, that Altisource Portfolio
Solutions, S.A. was charging exorbitant fees to Ocwen Financial to
enable Defendants to funnel as much as $65 million in questionable
fees, that despite public representations to the contrary,
Defendant Erbey was personally involved in approving conflicted
transactions with Altisource Portfolio Solutions, S.A. and other
related entities which he controlled, that the Company failed to
comply with applicable laws and regulations, including lending
regulations designed to protect homeowners, that the Company's
financial statements between May 2, 2013 and August 11, 2014 were
artificially inflated and did not provide a fair presentation of
the Company's finances and operations, that the Company lacked
adequate internal and financial controls, and that as a result of
the above, the Company's financial statements were materially false
and misleading at all relevant times. In December 2014, September
2015, and October 2015 amended complaints were filed. In December
2015 the court denied in part defendants' motion to dismiss the
case.
Those who purchased shares of Ocwen Financial Corp prior to
January 2012 and currently hold any of those NYSE:OCN shares have
certain options and should contact the Shareholders Foundation,
Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858)
779-1554.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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