Press release from Business Wire
SHAREHOLDER ALERT: Investigation on Behalf of Ocwen Financial Corporation Investors Announced by Law Offices of Howard G. Smith
Wednesday, May 28, 2014
SHAREHOLDER ALERT: Investigation on Behalf of Ocwen Financial Corporation Investors Announced by Law Offices of Howard G. Smith10:32 EDT Wednesday, May 28, 2014
BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN). The investigation concerns possible violations of federal securities laws and focuses on the Company's business and operations.
Ocwen, through its subsidiaries, originates and services mortgage loans in the United States and internationally. The investigation is related to the Company's January 22, 2014, announcement that its mortgage servicing arm had signed an agreement with Wells Fargo Bank, N.A. for the purchase of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion. Following that announcement, on February 6, 2014, the Company disclosed that, at the request of the New York Department of Financial Services, its mortgage servicing arm agreed to put an indefinite hold on the purchase. Then, on May 2, 2014, the Company reported that the New York Regional Office of the Securities and Exchange Commission is investigating the recent surrender of certain stock options by the Company's executive chairman. The Company had granted him the options in August 2012 for the purchase of common stock.
If you purchased Ocwen securities, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire