The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Ocwen Financial Corp (NYSE:OCN) is ongoing concerning potential breaches of fiduciary duties by certain directors and officers.
Investors who are current long term investors in Ocwen Financial Corp (NYSE:OCN shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:OCN stocks follows a lawsuit filed recently against Ocwen Financial over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:OCN stocks, concerns whether certain Ocwen Financial officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Florida the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants issued allegedly materially false and misleading statements and allegedly omitted material information from Ocwen Financial Corp ‘s public disclosures, which allegedly failed to disclose, among other things, that Altisource Portfolio Solutions, S.A. was charging exorbitant fees to Ocwen Financial Corp 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, 2014were 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.
On August 4, 2014, the New York’s Department of Financial Services disclosed that it was investigating whether Ocwen Financial Corp entered into improper transactions with affiliated entities. According to the New York’s Department of Financial Services, Ocwen Financial Corp entered into an arrangement with Altisource Portfolio Solutions S.A., whose executives have substantial ties to Ocwen Financial Corp, which raises concerns about whether such transactions were priced fairly and conducted at arm’s-length. Shares of Ocwen Financial Corp (NYSE:OCN) declined to as low as $25.37 per share on August 7, 2014. Then on August 12, 2014, Ocwen Financial Corp announced in a filing with the SEC that on August 12, 2014, the Board of Directors and the Audit Committee of the Board of Directors of Ocwen Financial Corp after consultation with Deloitte & Touche LLP, the Company’s independent registered public accounting firm, determined that Ocwen Financial Corp’s financial statements for the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014 can no longer be relied upon as being in compliance with generally accepted accounting principles (“GAAP”), and that accordingly, Ocwen Financial Corp will restate such financial statements. NYSE:OCN shares declined to as low as $24.87 per share on August 12, 2014.
On October 3, 2014, NYSE:OCN shares closed at $26.08 per share.
Those who purchased shares of Ocwen Financial Corp (NYSE:OCN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego