NEW YORK, May 1, 2017 /PRNewswire/ -- Tripp Levy PLLC announces that a class action lawsuit has been filed against Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, and docketed under 17-cv-80500 is on behalf of a class consisting of investors who purchased or otherwise acquired Ocwen securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
The Complaint alleges that 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.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau issued a press release entitled "Consumer Financial Protection Bureau 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 that same day, it was further reported that the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued a cease-and-desist order to Ocwen's subsidiaries as a result of the Company's mishandling of consumer escrow accounts and a deficient financial condition. The Order "specifically prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing (NMLS number 1852), a subsidiary of Ocwen, until the company is able to prove it can appropriately manage its consumer mortgage escrow accounts."
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 shares of Ocwen during the period between May 11, 2015 and April 19, 2017 and suffered losses on your investment and would like to learn more about this investigation and your ability to potentially recover your losses, please contact us either by email at email@example.com or by telephone at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC is a national law firm representing plaintiffs in a wide range of matters against corporate wrongdoers.
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