Hagens Berman Reminds Investors in Ocwen Financial Corporation of the Oct. 14, 2014 Lead Plaintiff Class-Action Deadline


SAN FRANCISCO, Sept. 15, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, reminds investors of the Oct. 14, 2014, lead plaintiff deadline in the securities fraud class action against Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or "the Company"). Investors who purchased Ocwen shares between May 2, 2013 and August 11, 2014 (the "Class Period") and have losses greater than $200,000.00 should contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing OCN@hbsslaw.com or visiting http://hb-securities.com/investigations/OCN.

The complaint, filed in the Southern District Court of Florida on Aug. 12, 2014, and docketed as 9:14-CV-81057-WPD, alleges that Ocwen made false and misleading statements and failed to disclose several material facts throughout the Class Period including that Ocwen's mortgage servicing practices were in serious violation of state and local laws; that Ocwen's Chairman of the Board, William Erbey, owns several companies who provide services to Ocwen at unconscionable rates; and that Erbey and the other directors and officers were directly involved in approving conflicted transactions.

Ocwen's twisted insider dealings began to unravel following the December 2013 announcement of a $2.2 billion settlement with the Consumer Financial Protection Bureau. In February 2014, the New York Department of Financial Services issued a letter questioning Ocwen's transactions with its affiliated companies. Then on August 4, 2014, the Department alerted Ocwen that it was reviewing a particular transaction that would divert up to $65 million in fees to Erbey's company Altisource.

On August 12, 2014 the Company disclosed additional transactions with another related company which forced Ocwen to restate its financial results for the fiscal year ended December 31, 2013 and the first quarter of 2014. Throughout this period, the Company's stock price plummeted a total of 55% from $56.00 on December 18, 2013 to a closing price of $25.16 on August 12, 2014.

"Flagrant insider dealing is offensive, and it is imperative that shareholders recover the money they lost as a result of Ocwen's practices," said Mr. Kathrein.

If you have suffered a loss greater than $200,000 from your investment in Ocwen securities purchased on or after May 2, 2013 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, you may contact us at OCN@hbsslaw.com.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.

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