Saxena White P.A. Files Securities Fraud Class Action Against Ocwen Financial Corporation

Another Ocwen lawsuit

Ocwen Financial Corporation

CASE DETAILS

Class Period:
May 2, 2013 – August 11, 2014
Date Filed:
August 12, 2014
Case Number:
 
Jurisdiction:
Southern District of Florida

SUMMARY

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.

View Complaint (pdf)

 

 

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