Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, Yeshim Deniz, Pat Romanski, Andy Thurai

News Feed Item

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Ocwen Financial Corp. (OCN) to Contact the Firm

NEW YORK, NY--(Marketwired - August 22, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE: OCN) of the October 13, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Ocwen and certain executives.

A complaint has been filed in the Southern District of Florida on behalf of all persons who purchased or otherwise acquired Ocwen common stock between May 2, 2013 and August 11, 2014, inclusive (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.

Specifically, the action alleges that during the Class Period, Ocwen made false and/or misleading statements and/or failed to disclose that: (i) Altisource Portfolio Solutions, S.A. ("Altisource"), a company of which one of the defendants, William C. Erbey ("Erbey") owns 27% of Altisource's outstanding shares, had charged exorbitant fees to Ocwen to enable defendants to create as much as $65 million in questionable fees; (ii) defendant Erbey had been personally involved in approving conflicted transactions with Altisource and other related entities which were under his control; (iii) Ocwen's financial statements during the Class Period had been artificially inflated and failed to provide a fair presentation of the Company's finances and operations; (iv) the Company did not comply with applicable laws and regulations; and (v) Ocwen did not employ adequate internal and financial controls.

On December 19, 2013, a New York Times article titled, "Big Subprime Mortgage Loan Servicer Agrees to $2.2 billion Settlement" announced a $2.2 billion settlement entered into between Ocwen and the Consumer Financial Protection Bureau in connection with the Company's mortgage servicing business. The article announced that the Bureau "believe[s] that Ocwen violated federal consumer financial laws at every stage of the mortgage servicing process[.]"

On August 12, 2014, Ocwen filed a Form 8-K with the SEC announcing that the Company would restate its financial results for the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014.

Following this news, the price of Ocwen stock declined by $30.84, or over 55%, from a closing of $56.00 on December 18, 2013 to close at $25.16 on June 12, 2014.

Request more information now by clicking here: www.faruqilaw.com/OCN. There is no cost or obligation to you.

Take Action

If you invested in Ocwen stock, bonds or options between May 2, 2013 and August 11, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/OCN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ocwen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292
(212) 983-9330

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...