NEW YORK, April 25, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities who purchased or otherwise acquired Ocwen Financial Corporation (“Ocwen” or “Company”) (NYSE:OCN) securities between May 11, 2015 and April 19, 2017 (“Class Period”), inclusive.
Investors who have incurred losses in shares of Ocwen Financial Corporation are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have Ocwen Financial Corporation shares and would like to assist with the litigation process as a lead plaintiff, you may, no later than June 20, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Ocwen engaged in significant misconduct throughout the mortgage servicing process. This misconduct could subject the Company to heightened regulatory scrutiny and potential criminal sanctions.
On April 20, 2017, the United States Consumer Financial Protection Bureau (CFPB) issued a press release entitled “CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process,” reporting that the Company had generated errors in borrowers’ accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent.
On the same day, the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued orders to Ocwen’s subsidiaries to address the Company’s mishandling of consumer escrow accounts and a deficient financial condition.
On this news, Ocwen’s share price fell $2.91, or 53.89%, to close at $2.49 on April 20, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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