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Case Status:    ONGOING    
On or around 12/05/2016 (Ongoing date of last review)

Filing Date: August 12, 2014

According to the law firm press release, Ocwen is a 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.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose a myriad of material information regarding the Company's improper business and operational practices including, among other things, the fact that Ocwen's mortgage servicing practices violated applicable regulations and laws; that the Company's executives allowed related company Altisource Portfolio Solutions, S.A. ("Altisource") -- a company of which Defendant owns approximately 27% of its shares outstanding -- to impose wholly unreasonable rates for services provided to Ocwen; and that Defendant, along with other directors and officers, were directly involved in approving Ocwen's conflicted transactions with Altisource. In addition, the Company's financial results were artificially inflated during the Class Period, resulting in a restatement of the Company's financial results.

Accordingly, Defendants issued materially false and misleading statements and omitted material information from Ocwen's public disclosures, which failed to disclose, among other things, that: (i) Altisource was charging exorbitant fees to Ocwen to enable Defendants to funnel as much as $65 million in questionable fees; (ii) despite public representations to the contrary, Defendant was personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; (iii) the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners; (iv) the Company's financial statements during the Class Period were artificially inflated and did not provide a fair presentation of the Company's finances and operations; (v) the Company lacked adequate internal and financial controls; and (vi) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On November 5, 2014, the Court issued an Order consolidating cases. Two days later, the Court issued an Order appointing lead plaintiff and lead counsel.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OCN
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 14-CV-81057
JUDGE: Hon. William P. Dimitrouleas
DATE FILED: 08/12/2014
CLASS PERIOD START: 05/02/2013
CLASS PERIOD END: 08/11/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 14-CV-81057
JUDGE: Hon. William P. Dimitrouleas
DATE FILED: 10/13/2015
CLASS PERIOD START: 05/02/2013
CLASS PERIOD END: 12/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  2. Sallah & Cox, LLC
    2101 N.W. Corporate Blvd., Suite 218, Sallah & Cox, LLC, FL 33431
    561.989.9080 561.989-9020 ·
No Document Title Filing Date