Lawsuit for Investors in Ocwen Financial Corp (OCN) Shares Over Alleged
Securities Laws Violations Announced by Shareholders Foundation
SAN DIEGO, Aug. 18, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that a lawsuit was filed on behalf of certain purchasers of Ocwen
Financial Corp (OCN) common stock over alleged violations of Federal
Securities Laws by Ocwen Financial Corp.
If you purchased shares of Ocwen Financial Corp (OCN), you have certain
options and for certain investors are short and strict deadlines running. OCN
investors should contact the Shareholders Foundation at
firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that the defendants issued allegedly materially false and
misleading statements and allegedly omitted material information from Ocwen
Financial Corp's public disclosures, which allegedly failed to disclose, among
other things, that Altisource Portfolio Solutions, S.A. was charging allegedly
exorbitant fees to Ocwen Financial Corp 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 Ocwen Financial Corp failed to comply with
applicable laws and regulations, including lending regulations designed to
protect homeowners, that Ocwen Financial Corp's financial statements between
May 2, 2013 and August 11, 2014 were artificially inflated and did not provide
a fair presentation of Ocwen Financial Corp's finances and operations, that
Ocwen Financial Corp lacked adequate internal and financial controls, and that
as a result of the above, Ocwen Financial Corp's financial statements were
allegedly materially false and misleading at all relevant times.
On August 4, 2014, the New York's Department of Financial Services disclosed
that it was investigating whether Ocwen Financial Corp entered into improper
transactions with affiliated entities. According to the New York's Department
of Financial Services, Ocwen Financial Corp entered into an arrangement with
Altisource Portfolio Solutions S.A., whose executives have substantial ties to
Ocwen Financial Corp, which raises concerns about whether such transactions
were priced fairly and conducted at arm's-length.
Then on August 12, 2014, Ocwen Financial Corp announced that it will restate
its financial statements for the fiscal year ended December 31, 2013 and the
quarter ended March 31, 2014.
Those who purchased shares of Ocwen Financial Corp have certain options and
should contact the Shareholders Foundation, Inc. by e-mail at
email@example.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.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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