BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 20, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise acquired 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.
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 Ocwen securities, you may move the Court no later than June 20, 2017 to request appointment as lead plaintiff. 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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