Ocwen Financial Corp. (NYSE: OCN)Mon, 05/19/2014 - 15:00 — Webmaster
Ryan & Maniskas, LLP announces that a securities fraud class action lawsuit in the United States District Court for the Southern District of Florida against Ocwen Financial Corporation (NYSE: OCN) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from May 2, 2013 through August 11, 2014 (the "Class Period").Join the class action
Ryan & Maniskas, LLP announces that a securities fraud class action lawsuit in the United States District Court for the Southern District of Florida against Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from May 2, 2013 through August 11, 2014 (the "Class Period").
Ocwen shareholders may, no later than October 14, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Ocwen and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/ocn. You may also email Mr. Maniskas at firstname.lastname@example.org.
Ocwen, through its subsidiaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally. The Company’s Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset management services to owners of mortgage loans and foreclosed real estate.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose a myriad of material information regarding the Company's improper business and operational practices including, among other things, the fact that Ocwen's mortgage servicing practices violated applicable regulations and laws; that the Company's executives allowed related company Altisource Portfolio Solutions, S.A. ("Altisource") -- a company of which Defendant William C. Erbey, Ocwen's Chairman of the Board, owns approximately 27% of its shares outstanding -- to impose wholly unreasonable rates for services provided to Ocwen; and that Defendant William C. Erbey, along with other directors and officers, were directly involved in approving Ocwen's conflicted transactions with Altisource. In addition, the Company's financial results were artificially inflated during the Class Period, resulting in a restatement of the Company's financial results.
Accordingly, Defendants issued materially false and misleading statements and omitted material information from Ocwen's public disclosures, which failed to disclose, among other things, that: (i) Altisource was charging exorbitant fees to Ocwen to enable Defendants to funnel as much as $65 million in questionable fees; (ii) despite public representations to the contrary, Defendant Erbey was personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; (iii) the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners; (iv) 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; (v) the Company lacked adequate internal and financial controls; and (vi) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
If you are a member of the class, you may, no later than October 14, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.