NEW YORK, Sept. 26, 2014 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Altisource Portfolio Solutions S.A. ("Altisource"
or the "Company") (NASDAQ: ASPS) of the November 7, 2014 deadline to seek the role of
lead plaintiff in a federal securities class action lawsuit filed
against Altisource and certain executives.
A complaint has been filed in the Southern District of
Florida on behalf of all persons
who purchased or otherwise acquired Altisource common stock between
July 25, 2013 through August 4, 2014, inclusive (the "Class
Period").
The complaint alleges that the Company and its executives
violated federal securities laws with respect to its disclosures
concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period,
Altisource made false and/or misleading statements and/or failed to
disclose that: (i) the Company had charged exorbitant fees to Ocwen
Financial Corp., a financial services holding company of which one
of the defendants, William C. Erbey
("Erbey") is Chairman of the Board, to enable Altisource to funnel
as much as $65 million in
questionable fees; (ii) despite making public representations to
the contrary, Erbey had been personally involved in approving
conflicted transactions with Altisource and other related entities
which he controlled; (iii) the Company did not comply with
applicable laws and regulations; (iv) Altisource's financial
statements during the Class Period were artificially inflated; and
(v) the Company did not employ adequate internal and financial
controls.
On August 4, 2014, news articles
announced that New York's
Department of Financial Services was investigating whether
Altisource entered into improper transactions with affiliated
entities.
Following this news, the price of the Company's stock declined
by $15.18, or over 14%, to close at
$88.65 on August 4, 2014.
Request more information now by clicking here:
www.faruqilaw.com/ASPS. There is no cost or obligation to
you.
Take Action
If you invested in Altisource stock or options between
July 25, 2013 through August 4, 2014, and would like to discuss your
legal rights, visit www.faruqilaw.com/ASPS. You can also
contact us by calling Richard
Gonnello toll free at 877-247-4292 or at 212-983-9330 or by
sending an e-mail to rgonnello@faruqilaw.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding
Altisource's conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
victories on behalf of the firm's clients. To keep track of the
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manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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