INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
October 22 2014 - 10:30AM
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.
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 Financial Corp. (“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.
Then, on October 21, 2014, the DFS disclosed that Ocwen had
backdated potentially hundreds of thousands of letters to mortgage
borrowers. And, "Ocwen did nothing to investigate or address the
backdating issue" when an employee raised concerns and "alerted the
company's Vice President of Compliance." Instead, "Ocwen ignored
the problem for five months," "failed to launch an appropriate
investigation," and "still has not resolved the issue today." This
news caused Altisource shares to plunge over 10%, or $10.32 per
share, to a closing price of $84.51 per share on October 21,
2014.
The Complaint alleges that Altisource was complicit in Ocwen’s
misleading and allegedly illegal behavior; 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; that the
Company failed to comply with applicable laws and regulations,
including lending regulations designed to protect homeowners; and,
the Company lacked adequate internal and financial controls.
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 LLPLesley Portnoy, Esquire,
310-201-9150shareholders@glancylaw.comhttp://www.glancylaw.com
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