|By PR Newswire||
|August 18, 2014 06:57 PM EDT||
NEW YORK, Aug. 18, 2014 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against Ocwen Financial Corporation ("Ocwen") (NYSE: OCN), and certain of its current and former officers, in the United States District Court for the Southern District of Florida, on behalf of all persons who purchased shares of Ocwen common stock on the open market during the period May 2, 2013 through August 11, 2014, and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than October 14, 2014 to be appointed a lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased Ocwen on the open market during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
The Complaint charges that Defendants made materially false and/or misleading statements that it had appropriate safeguards in place to prevent potential conflicts between itself and related affiliates and had proper internal controls to ensure that these relationships were properly accounted for when reporting its financial results. For example, Ocwen represented that it had "adopted policies, procedures and practices to avoid potential conflicts with respect to our dealings" with Altisource Portfolio Solutions, S.A. and other related affiliates, "including our Executive Chairman recusing himself from negotiations regarding, and approvals, of transactions with these entities."
However, Defendants failed to disclose, among other things, that: (i) Altisource would reap enormous insurance commissions, funneling as much as $65 million in questionable fees for performing little to no work, at the expense of homeowners; (ii) the Executive Chairman's personal involvement in approving conflicted transactions with Altisource and other related affiliates, without any effective oversight from the Board of Directors; and (iii) that the Company lacked adequate internal and financial controls.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
For more information, please contact:
SOURCE Wolf Popper LLP
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