The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ocwen Financial Corporation (NYSE: OCN) who purchased shares between May 11, 2015 and April 19, 2017. The action, which was filed in the United States District Court for the Southern District of Florida, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Ocwen engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process; (2) the above-mentioned conduct, when it became known, would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; (3) consequently, Ocwen's public statements were materially false and misleading at all relevant times.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau announced that it was suing Ocwen, and several states issued cease-and-desist orders against the Company.
Shareholders have until June 20, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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