×

Update in Lawsuit for Investors in Ocwen Financial Corp (NYSE:OCN) shares announced by Shareholders Foundation

SAN DIEGO, May 03, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in Florida on behalf of certain purchasers of shares of Ocwen Financial Corp (NYSE:OCN) over alleged Securities Laws Violations by Ocwen Financial.

Investors who purchased shares of Ocwen Financial Corp (NYSE:OCN) prior to January 2012 and currently hold any of those NYSE:OCN shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On August 4, 2014, the New York's Department of Financial Services disclosed that it was investigating whether Ocwen Financial Corp (“Ocwen Financial”) entered into improper transactions with affiliated entities. According to the New York's Department of Financial Services, Ocwen Financial entered into an arrangement with Altisource Portfolio Solutions S.A., whose executives have substantial ties to Ocwen Financial, which raises concerns about whether such transactions were priced fairly and conducted at arm's-length.

On August 12, 2014, a lawsuit was filed against Ocwen Financial over alleged securities laws violations. The plaintiff claimed that the Defendants issued certain allegedly materially false and misleading statements and allegedly omitted material information from Ocwen Financial's public disclosures, which allegedly failed to disclose, among other things, that Altisource Portfolio Solutions, S.A. was charging exorbitant fees to Ocwen Financial 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. In December 2014, September 2015, and October 2015 amended complaints were filed. In December 2015 the court denied in part defendants' motion to dismiss the case.

Those who purchased shares of Ocwen Financial Corp prior to January 2012 and currently hold any of those NYSE:OCN shares 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.

CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108

Source:Shareholders Foundation, Inc.