NEW YORK, June 15, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, reminds investors that June 20, 2017 is the deadline to petition the court for lead plaintiff status in the securities class action lawsuit against Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE: OCN). If you purchased Ocwen common stock between May 11, 2015 and April 19, 2017, you are encouraged to contact Scott+Scott for more information.
Ocwen Financial Corporation is diversified financial services holding company.
The lawsuit alleges that Ocwen made materially false and misleading statements regarding the Company's business, operational and compliance policies, specifically its mortgage servicing practices.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau sued Ocwen and issued a press release 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 specifically prohibiting the acquisition of new mortgage servicing rights and the origination of mortgage loans by 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, harming investors.
What You Can Do
If you purchased or acquired Ocwen shares between May 11, 2015 and April 19, 2017 and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982 or at firstname.lastname@example.org. Shareholders have until June 19, 2017 to petition the court for lead plaintiff status.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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SOURCE Scott+Scott, Attorneys at Law, LLP