NEW YORK, Sept. 29, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE: OCN ) of the October 13, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Ocwen and certain executives.
A complaint has been filed in the Southern District of Florida on behalf of all persons who purchased or otherwise acquired Ocwen common stock between May 2, 2013 and August 11, 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, Ocwen made false and/or misleading statements and/or failed to disclose that: (i) Altisource Portfolio Solutions, S.A. ("Altisource"), a company of which one of the defendants, William C. Erbey ("Erbey") owns 27% of Altisource's outstanding shares, had charged exorbitant fees to Ocwen to enable defendants to create as much as $65 million in questionable fees; (ii) defendant Erbey had been personally involved in approving conflicted transactions with Altisource and other related entities which were under his control; (iii) Ocwen's financial statements during the Class Period had been artificially inflated and failed to provide a fair presentation of the Company's finances and operations; (iv) the Company did not comply with applicable laws and regulations; and (v) Ocwen did not employ adequate internal and financial controls.
On December 19, 2013, a New York Times article titled "Big Subprime Mortgage Loan Servicer Agrees to $2.2 billion Settlement" announced a $2.2 billion settlement entered into between Ocwen and the Consumer Financial Protection Bureau in connection with the Company's mortgage servicing business. The article announced that the Bureau "believe[s] that Ocwen violated federal consumer financial laws at every stage of the mortgage servicing process[.]"
On August 12, 2014, Ocwen filed a Form 8-K with the SEC announcing that the Company would restate its financial results for the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014.
Following this news, the price of Ocwen stock declined by $30.84, or over 55%, from a closing of $56.00 on December 18, 2013 to close at $25.16 on June 12, 2014.
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Take Action
If you invested in Ocwen stock, bonds or options between May 2, 2013 and August 11, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/OCN . 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 Ocwen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw .
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