LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN) that all purchasers of the Company’s common stock between May 2, 2013 and August 11, 2014, inclusive (the “Class Period”), have until October 14, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
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 may move the Court no later than October 14, 2014, to serve as lead plaintiff; however, you must 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 Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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