NEW YORK, April 20, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS).
The investigation focuses on whether the Company and its executives violated federal securities laws. Specifically, on April 20, 2017, the U.S. Consumer Financial Protection Bureau ("CFPB") announced that it had sued Ocwen Financial Corporation ("Ocwen") stating that Ocwen had "engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process." Among the allegations, the CFPB claims that Ocwen has made widespread accounting and financial errors in borrowers' accounts and carried out illegal foreclosures.
On April 20, 2017, The Motley Fool published an article stating that Altisource was formerly known as Ocwen Solutions, a wholly-owned subsidiary of Ocwen. In 2009, the Company was spun off by Ocwen. Currently, Altisource's largest client is Ocwen. Lastly, Altisource revealed earlier this year that the CFPB was investigating its relationship with Ocwen.
On this news, the Company's share price fell sharply from $43.88 per share on April 19, 2017 to a closing price of $25.44 on April 20, 2017—a $18.44 or a 42.02% drop.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Altisource's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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