An investor, who purchased shares of Ocwen Financial Corp (NYSE:OCN), filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by Ocwen Financial in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Ocwen Financial Corp (NYSE:OCN) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Ocwen Financial Corp (NYSE:OCN) common shares between May 11, 2015 and April 19, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 11, 2015 and April 19, 2017 the Defendants made false and/or misleading statements and/or failed to disclose that Ocwen Financial Corp engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process, that the foregoing conduct, when it became known would subject the Company to heightened regulatory scrutiny and potential criminal sanctions, and that as a result of the foregoing, Ocwen Financial Corp’s public statements were materially false and misleading at all relevant times.
Ocwen Financial Corp reported that its annual Total Revenue declined from over $1.74 billion in 2015 to over $1.38 billion in 2016 and that its Net Loss declined from $247.02 million in 2015 to $199.76 million in 2016.
On April 20, 2017, it was reported that U.S. and state regulators had sued Ocwen Financial Corp because it illegally foreclosed on borrowers, cut corners and failed to carry out basic duties.
The U.S. Consumer Financial Protection Bureau (“CFPB”), described its lawsuit, stating Ocwen Financial Corp and its subsidiaries failed borrowers at “every stage of the mortgage servicing process” and committed “years of widespread errors, shortcuts, and runarounds.” During this time, Ocwen Financial Corp allegedly was unable to send out accurate monthly statements or properly credit payments.
The CFPB alleged Ocwen Financial Corp “illegally foreclosed on struggling borrowers, ignored customer complaints, and sold off the servicing rights to loans without fully disclosing the mistakes it made in borrowers’ records.”
Those who purchased shares of Ocwen Financial Corp (NYSE:OCN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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