STEVENSON, Md., Sept. 12, 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 Altisource Portfolio Solutions SA ("Altisource" or the "Company") (Nasdaq:ASPS) common during the period between July 25, 2013 through August 4, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Altisource common stock purchased on or after July 25, 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 November 7, 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. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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 was charging exorbitant fees to Ocwen Financial Corporation ("Ocwen"), a financial services holding company of which Defendant William C. Erbey is Chairman of the Board, to enable it to funnel as much as $65 million in fees annually from already-distressed homeowners to Altisource for minimal work, that Erbey, who owns approximately 27% of Altisource's shares outstanding, was directly involved in approving Altisource's conflicted transactions with Ocwen, that the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners, and that the Company's financial statements during the Class Period were artificially inflated and did not provide a fair presentation of the Company's finances and operations.
According to the complaint, following the August 4, 2014 New York's Department of Financial Services ("DFS") disclosure that it was investigating whether the Company entered into improper transactions with affiliated entities, the value of Altisource 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.