NEW YORK, May 16, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that a securities class action lawsuit has been filed against Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE: OCN) on behalf of purchasers of Ocwen common stock during the period of May 11, 2015 through April 19, 2017. If you are an Ocwen shareholder, you are encouraged to contact Scott+Scott for more information.
Ocwen Financial Corporation is diversified financial services holding company. The Company's primary businesses are the acquisition, servicing, and resolution of sub-performing and nonperforming residential and commercial mortgage loans, as well as the related development of loan servicing technology and business-to-business e-commerce solutions for the mortgage and real estate industries.
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 Rhiana Swartz at (844) 818-6980 or at firstname.lastname@example.org.
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