PHILADELPHIA -- (Business Wire)
Goldman Scarlato & Penny, P.C., a law firm protecting the rights of
investors, is investigating potential securities claims on behalf of
shareholders of Ocwen Financial Corporation (NYSE: OCN).
On April 20, 2017, the Consumer Financial Protection Bureau, the State
of Florida and other states sued mortgage servicer Ocwen for improper
business practices. According to the 93 page complaint, millions of
mortgage accounts Ocwen handled were riddled with errors throughout the
repayment process. The suit claims that Ocwen would go after borrowers
long before verifying that a debt was valid, fail to credit payments,
illegally foreclose on homeowners, and charge borrowers for add-on
products without their consent. In addition to the suit, authorities in
at least 18 other states have issued cease-and-desist orders against
Ocwen to address mishandling of consumer escrow accounts and a deficient
financial condition, specifically prohibiting Ocwen from acquiring new
mortgage servicing rights and originating mortgage loans.
Ocwen shares fell sharply on the news falling 51% on very heavy volume.
Goldman Scarlato & Penny anticipates filing a class action lawsuit to
recover losses suffered by Ocwen investors. If you purchased shares of
Ocwen on or before April 20, 2017, please contact Paul Scarlato via
email at scarlato@lawgsp.com or
by phone at (484) 342-0700 for more information.
Attorney Advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170421005675/en/
Contacts:
Goldman Scarlato & Penny, P.C.
Paul J. Scarlato, Esq.,
484-342-0700
scarlato@lawgsp.com
Source: Goldman Scarlato & Penny, P.C.
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