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Case Status:    SETTLED
On or around 02/10/2017 (Settlement preliminarily approval)

Filing Date: September 08, 2014

According to the law firm press release, Altisource provides real estate and mortgage portfolio management and related technology products and asset recovery and customer relationship management services.

The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. 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 material information regarding the Company’s improper business and operational practices including, among other things, the fact that Ocwen Financial Corporation (“Ocwen”), a financial services holding company of which Defendant is Chairman of the Board, was funneling as much as $65 million in fees annually from already-distressed homeowners to Altisource for minimal work; and that Defendant, who owns approximately 27% of Altisource’s shares outstanding, was directly involved in approving Altisource’s conflicted transactions with Ocwen.

Accordingly, Defendants issued materially false and misleading statements and omitted material information from Altisource’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.

The parties entered into a Stipulation of Settlement on February 8, 2017. This Settlement was preliminarily approved on February 10.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: Luxembourg

SECURITIES INFORMATION:

Ticker Symbol: ASPS
Company Market: NASDAQ
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-81156
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 09/08/2014
CLASS PERIOD START: 07/25/2013
CLASS PERIOD END: 08/04/2014
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-81156
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 12/28/2016
CLASS PERIOD START: 04/25/2013
CLASS PERIOD END: 12/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. 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