BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE: OCN) securities between May 11, 2015 and April 19, 2017, inclusive (the “Class Period”). Ocwen investors have until June 20, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Ocwen investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On April 20, 2017, the Consumer Financial Protection Bureau announced that it is filing a lawsuit against Ocwen seeking compensation for consumers due to “years of systemic and significant errors throughout the mortgage servicing process, which cost some of them their homes.” On this news, shares of Ocwen fell more than 50% to close on April 20, 2017 at only $2.49 per share, thereby injuring investors.
According to the Complaint filed in this class action lawsuit, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ocwen engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process; (ii) the foregoing conduct, when it became known would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; (iii) as a result of the foregoing, Ocwen’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Ocwen during the Class Period you may move the Court no later than June 20, 2017 to ask the Court to appoint you 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, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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