STEVENSON, Md., Aug. 15, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE: OCN ) securities during the period between May 2, 2013 through August 11, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Ocwen securities purchased on or after May 2, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's financials were inflated, that Ocwen's mortgage servicing practices violated applicable regulations and laws, and that the Company's executives allowed Ocwen to enter into related company transactions not in the best interests of the Company including one allowing a related company 27% owned by the Company's Board Chairman to charge inflated rates for services provided to Ocwen. According to the complaint, following the Company's February 6, 2014 announcement that a previously announced transaction with Wells Fargo was halted by the New York Department of Financial Services, a February 26, 2014 Bloomberg article discussing New York's Department of Financial Services' investigation of related party transactions, an August 6, 2014 newspaper article discussing New York's Department of Financial Services' investigation of related party transactions, and the Company's August 12, 2014 announcement that the Company would restate its financial results for the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014, the value of Ocwen shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
