Cases
Ocwen Financial Corporation (NYSE: OCN)
Securities Class Action
Overview
Overview
- Date:
- 4/24/2017
- Company Name:
- Ocwen Financial Corporation
- Stock Symbol:
- OCN
- Class Period:
- FROM 5/11/2015 TO 4/19/2017
- Status:
- Closed/Complete
NEW YORK, April 24, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all persons or entities who purchased or otherwise acquired Ocwen Financial Corporation (NYSE: OCN) securities between May 11, 2015 and April 19, 2017 (the “Class Period”). Investors have until June 20, 2017, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Ocwen engaged in significant misconduct at nearly every stage of the mortgage servicing process and when the misconduct became known, it would subject the Company to heightened regulatory scrutiny and potential criminal sanctions. As a result of the foregoing, Ocwen’s public statements were materially false and misleading throughout the Class Period.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau issued a press release entitled “CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process,” 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 the same day, the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued orders to Ocwen’s subsidiaries to address the Company’s mishandling of consumer escrow accounts and a deficient financial condition. The Order “specifically prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing (NMLS number 1852), 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.
If you purchased or otherwise acquired Ocwen securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Ocwen engaged in significant misconduct at nearly every stage of the mortgage servicing process and when the misconduct became known, it would subject the Company to heightened regulatory scrutiny and potential criminal sanctions. As a result of the foregoing, Ocwen’s public statements were materially false and misleading throughout the Class Period.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau issued a press release entitled “CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process,” 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 the same day, the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued orders to Ocwen’s subsidiaries to address the Company’s mishandling of consumer escrow accounts and a deficient financial condition. The Order “specifically prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing (NMLS number 1852), 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.
If you purchased or otherwise acquired Ocwen securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.