Ocwen Financial Corporation ("Ocwen") is a non-bank provider of residential and commercial mortgage loan servicing, special servicing, and asset management services.

According to the law firm press release, the lawsuit alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Ocwen engaged in significant and systemic misconduct in violation of federal consumer financial laws; and (2) as a result, Defendants’ statements about Ocwen’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. On April 20, 2017, the Consumer Financial Protection Bureau sued Ocwen for various violations of federal consumer financial laws that have harmed borrowers. On this news, shares of Ocwen fell $2.91 per share or over 53% to close at $2.49 per share on April 20, 2017, damaging investors.

On July 14, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on August 28. Defendants filed a Motion to Dismiss the consolidated Complaint on October 5. On April 30, 2018, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice.

Plaintiffs filed a Notice appealing the Court's decision on May 25, 2018. On September 13, 2019, the Court of Appeals affirmed the District Court's Dismissal Order.