SAN DIEGO, Sept. 9, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Ocwen Financial Corp (NYSE:OCN) over alleged Violations of Federal Securities Laws by Ocwen Financial.
If you purchased shares of Ocwen Financial Corp (OCN), you have certain options and for certain investors short and strict deadlines are running. Deadline: October 14, 2014. OCN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Defendants issued allegedly materially false and misleading statements and allegedly omitted material information from the Company's public disclosures, which allegedly failed to disclose, among other things, that Altisource Portfolio Solutions, S.A. was charging 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 the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners, that the Company's financial statements between May 2, 2013 and August 11, 2014 were artificially inflated and did not provide a fair presentation of the Company's finances and operations, that the Company lacked adequate internal and financial controls, and that as a result of the above, the Company's financial statements were 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 certain affiliated entities.
Then on August 12, 2014, Ocwen Financial Corp announced that its Board of Directors and its Audit Committee of the Board of Directors determined that Ocwen Financial Corp's financial statements for the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014 can no longer be relied upon as being in compliance with generally accepted accounting principles ("GAAP"), and that accordingly, Ocwen Financial Corp will restate such financial statements.
Shares of Ocwen Financial Corp declined from over $60 during October 2013 to as low as $24.87 on August 12, 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.