NEW YORK, April 21, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE: OCN).
The investigation focuses on whether the Company and its executives violated federal securities laws by engaging in activities that resulted in lawsuit being filed by the U.S. Consumer Financial Protection Bureau ("CFPB").
Specifically, on April 20, 2017, the CFPB announced that it had sued Ocwen stating that the Company had "engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process." Among the allegations, CFPB claims that Ocwen has made widespread accounting and financial errors in borrowers' accounts and carried out illegal foreclosures. Additionally, over 18 state authorities have issued cease-and-desist orders against Ocwen prohibiting the Company from acquiring new mortgage servicing rights and originating mortgage loans.
On this news, the Company's stock price has decreased sharply, trading over 50% below its previous closing price of $5.40 per share on April 19, 2017.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ocwen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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