|By PR Newswire||
|August 4, 2014 05:18 PM EDT||
NEW YORK, Aug. 4, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Altisource and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 4, 2014, the Company disclosed that New York's Department of Financial Services ("DFS") was investigating whether the Company entered into improper transactions with affiliated entities. According to the DFS, it appears that Altisource entered into an arrangement with Ocwen Financial Corp., whose executives have substantial ties to the Company that will generate significant revenue from Ocwen's new forced-place arrangements.
On this news, shares of Altisource fell $15.18 per share to $88.65, or more than 14.62%, in intraday trading on August 4, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP
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