NEW YORK, April 20, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Ocwen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 20, 2017, the Consumer Financial Protection Bureau announced that it was suing Ocwen, 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. In addition, authorities in Florida, North Carolina, and at least 18 other states have issued cease-and-desist orders against Ocwen to address mishandling of consumer escrow accounts and a deficient financial condition, specifically prohibiting the Company from acquiring new mortgage servicing rights and originating mortgage loans.
On this news, Ocwen's share price has fallen as much as $3.18, or more than 58%, during intraday trading on April 20, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP