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 mail@shareholdersfoundation.com 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 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.