NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all persons or entities who purchased or otherwise acquired Ocwen Financial Corporation (NYSE:OCN) securities between May 11, 2015 and April 19, 2017 (the “Class Period”). Investors have until June 20, 2017, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Ocwen engaged in significant misconduct throughout the mortgage servicing process and when the misconduct became known, it would subject the Company to heightened regulatory scrutiny and potential criminal sanctions. As a result of the foregoing, Ocwen’s public statements were materially false and misleading throughout the Class Period.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau issued a press release entitled “CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process,” reporting that the Company had generated errors in borrowers’ accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent.
On the same day, the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued orders to Ocwen’s subsidiaries to address the Company’s mishandling of consumer escrow accounts and a deficient financial condition.
On this news, Ocwen’s share price fell $2.91, or 53.89%, to close at $2.49 on April 20, 2017.
If you purchased or otherwise acquired Ocwen securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa A. Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Ocwen lawsuit, please go to www.bespc.com/ocn. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.