NEW YORK, NY --(Marketwired - September 12, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (
A complaint has been filed in the Southern District of Florida on behalf of all persons who purchased or otherwise acquired Altisource common stock between July 25, 2013 through August 4, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects. Specifically, the action alleges that during the Class Period, Altisource made false and/or misleading statements and/or failed to disclose that: (i) the Company had charged exorbitant fees to Ocwen Financial Corp., a financial services holding company of which one of the defendants, William C. Erbey ("Erbey") is Chairman of the Board, to enable Altisource to funnel as much as $65 million in questionable fees; (ii) despite making public representations to the contrary, Erbey had been personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; (iii) the Company did not comply with applicable laws and regulations; (iv) Altisource's financial statements during the Class Period were artificially inflated; and (v) the Company did not employ adequate internal and financial controls.
On August 4, 2014, news articles announced that New York's Department of Financial Services was investigating whether Altisource entered into improper transactions with affiliated entities.
Following this news, the price of the Company's stock declined by $15.18, or over 14%, to close at $88.65 on August 4, 2014.
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Take Action
If you invested in Altisource stock or options between July 25, 2013 through August 4, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/ASPS . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Altisource's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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