NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN) of the June 20, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased Ocwen stock or options between May 11, 2015 and April 19, 2017 (the “Class Period”). The case, Carvelli v. Ocwen Financial Corporation et al, No. 17-cv-80500 was filed on April 21, 2017, and has been assigned to Magistrate Judge Dave Lee Brannon.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by engaging in activities that resulted in lawsuit being filed by the U.S. Consumer Financial Protection Bureau (“CFPB”).
Specifically, on April 20, 2017, the CFPB announced that it had sued Ocwen stating that the Company had “engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process.” Among the allegations, CFPB claims that Ocwen has made widespread accounting and financial errors in borrowers' accounts and carried out illegal foreclosures. Additionally, over 18 state authorities have issued cease-and-desist orders against Ocwen prohibiting the Company from acquiring new mortgage servicing rights and originating mortgage loans.
On this news, Ocwen’s share price fell from $5.40 per share on April 19, 2016 to a closing price of $2.49 on April 20, 2017—a $2.91 or a 53.9% drop.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ocwen’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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