SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Altisource Port...
October 22 2014 - 3:51PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of Florida on behalf of purchasers of Altisource Portfolio
Solutions SA (“Altisource” or the “Company”) (NASDAQ: ASPS) common
stock during the period between July 25, 2013 through August 4,
2014, inclusive (the “Class Period”).
If you have suffered a loss from investment in Altisource common
stock purchased on or after July 25, 2013 and held through the
revelation of negative information during and/or at the end of the
Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff no later than
November 7, 2014 and be selected by the Court. The lead plaintiff
will direct the litigation and participate in important decisions
including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company units during the Class
Period. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
charging exorbitant fees to Ocwen Financial Corporation (“Ocwen”),
a financial services holding company of which Defendant William C.
Erbey is Chairman of the Board, to enable it to funnel as much as
$65 million in fees annually from already-distressed homeowners to
Altisource for minimal work, that Erbey, who owns approximately 27%
of Altisource’s shares outstanding, was directly involved in
approving Altisource’s conflicted transactions with Ocwen, that the
Company failed to comply with applicable laws and regulations,
including lending regulations designed to protect homeowners, and
that 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.
According to the complaint, following the August 4, 2014 New
York’s Department of Financial Services (“DFS”) disclosure that it
was investigating whether the Company entered into improper
transactions with affiliated entities, the value of Altisource
shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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