Ocwen Financial Corporation: Class Action

Ocwen Financial Corporation

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ocwen Financial Corporation (NYSE:OCN) in connection to alleged violations of securities laws by OCN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Ocwen Financial Corporation between May 11, 2015 and April 19, 2017.

The class action complaint specifically alleges that during the period in question, OCN might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company participated in substantial and systemic violations of federal consumer financial law; that as a result, OCN’s statements to the public about its operations, prospects and business were materially false and/or misleading during the relevant period. When the Consumer Financial Protection Bureau announced on April 20, 2017 that it was suing OCN for violations of federal laws, the company’s value declined more than 53%, falling from $2.91/share to a close of $2.49/share on that day.

According to the company’s website, Ocwen Financial Corporation is “one of the largest mortgage companies in America with over 9,000 employees.” The company’s description continues: “Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals. We also provide innovative automotive floorplan financing and commercial mortgage servicing solutions for business partners.”

A class action lawsuit has already been filed in connection with Ocwen Financial Corporation. If you wish to serve as lead plaintiff in the OCN lawsuit, you must move the Court no later than June 20, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.

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