NEW YORK, April 26, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN) securities and certain of its officers, on behalf of a class who purchased Ocwen securities between May 11, 2015 and April 19, 2017, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ocn.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements about its business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Ocwen engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process; (2) the above-mentioned conduct, when it became known would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; (3) consequently, Ocwen's public statements were materially false and misleading at all relevant times.
On April 20, 2017, the Consumer Financial Protection Bureau revealed that it was suing Ocwen, and reported that Ocwen had generated errors in borrowers' accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent. Furthermore, authorities in Florida, North Carolina, and at least 18 other states have issued cease-and-desist orders against the Company to address mishandling of consumer escrow accounts and a deficient financial condition, specifically prohibiting Ocwen from acquiring new mortgage servicing rights and originating mortgage loans. Following this news, Ocwen stock dropped $2.91, or 53.89%, to close at $2.49 on April 20, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/ocn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ocwen you have until June 20, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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