INVESTOR ALERT: Law Offices of Howard G. Smith Reminds Investors of the Lead Plaintiff Deadline In The Class Action Lawsuit A...
October 29 2014 - 10:30AM
Business Wire
Law Offices of Howard G. Smith reminds investors that purchasers
of the common stock of Altisource Portfolio Solutions S.A.
(“Altisource” or the “Company”) (NASDAQ:ASPS) 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. 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, if you 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, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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