BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of purchasers of the common stock of Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN) between May 2, 2013 and August 11, 2014, inclusive (the “Class Period”).
Ocwen, through its subsidiaries, originates and services mortgage loans in the United States and internationally. The Complaint alleges that defendants misrepresented or failed to disclose that Ocwen’s mortgage servicing practices violated applicable regulations and laws, that the Company’s executives allowed a related company − Altisource Portfolio Solutions, S.A. − to impose unreasonable rates for services provided to Ocwen, and that the chairman and other directors and officers were directly involved in approving Ocwen’s conflicted transactions with Altisource. The Complaint further alleges that the Company’s financial results were artificially inflated during the Class Period, resulting in a restatement of the Company’s financial results.
On August 12, 2014, Ocwen disclosed that the board of directors and the audit committee of the board of directors determined that the Company’s financial statements for the fiscal year ended December 31, 2013, and the quarter ended March 31, 2014, can no longer be relied upon and will be restated. According to the Company, “the anticipated impact of the adjustments are expected to result in an increase in pre-tax income for the year ended December 31, 2013 of approximately $17 million and a reduction in pre-tax income in the first quarter of 2014 by a corresponding amount.”
If you are a member of the Class described above, you have 60 days from August 12, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.