INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
October 17 2014 - 10:32AM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Altisource
Portfolio Solutions S.A. (“Altisource” or the “Company”)
(NASDAQ:ASPS) that purchasers of Altisource common stock between
July 25, 2013 and August 4, 2014, inclusive (the “Class Period”),
have until November 7, 2014, to file a motion to be appointed as
lead plaintiff in the shareholder lawsuit.
Altisource operates as a marketplace and transaction solutions
provider for the real estate, mortgage and consumer debt industries
in the United States. The Complaint alleges that: (1) Altisource
was charging exorbitant fees to Ocwen Financial Corp., to enable
defendants to funnel as much as $65 million in questionable fees;
(2) despite public representations to the contrary, the Company’s
chairman was personally involved in approving conflicted
transactions with Altisource and other related entities which he
controlled; (3) the Company failed to comply with applicable laws
and regulations, including lending regulations designed to protect
homeowners; (4) 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; (5) the
Company lacked adequate internal and financial controls; and (6),
as a result of the foregoing, the Company's financial statements
were materially false and misleading at all relevant times.
On August 4, 2014, news reports disclosed that New York’s
Department of Financial Services (“DFS”) was investigating whether
the Company entered into improper transactions with affiliated
entities. According to the DFS, it appears that Altisource entered
into an arrangement with Ocwen that will generate significant
revenue from Ocwen’s new forced-place arrangement while requiring
little work on Altisource’s behalf. Following this news, shares of
Altisource declined nearly 15%, to a closing price of $88.65 per
share on August 4, 2014, on heavy volume.
If you are a member of the Class described above, you may move
the Court no later than November 7, 2014, to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
Sadler310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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