BOCA RATON, FL -- (Marketwired) -- 09/08/14 -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of Florida against Altisource Portfolio Solutions SA ("Altisource" or the "Company") (NASDAQ: ASPS) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from July 25, 2013 through August 4, 2014 (the "Class Period").
Altisource provides real estate and mortgage portfolio management and related technology products and asset recovery and customer relationship management services.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose material information regarding the Company's improper business and operational practices including, among other things, the fact that Ocwen Financial Corporation ("Ocwen"), a financial services holding company of which Defendant William C. Erbey is Chairman of the Board, was funneling as much as $65 million in fees annually from already-distressed homeowners to Altisource for minimal work; and that Erbey, who owns approximately 27% of Altisource's shares outstanding, was directly involved in approving Altisource's conflicted transactions with Ocwen.
Accordingly, Defendants issued materially false and misleading statements and omitted material information from Altisource's public disclosures, which failed to disclose, among other things, that: (i) Altisource was charging exorbitant fees to Ocwen to enable Defendants to funnel as much as $65 million in questionable fees; (ii) despite public representations to the contrary, Defendant Erbey was personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; (iii) the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners; (iv) 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; (v) the Company lacked adequate internal and financial controls; and (vi) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
If you purchased Altisource stock between July 25, 2013 and August 4, 2014, inclusive, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased Altisource common stock during the Class Period of July 25, 2013 through August 4, 2014, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than November 7, 2014. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
Lester R. Hooker, Esq.
lhooker@saxenawhite.com
Saxena White P.A.
5200 Town Center Circle, Suite 601
Boca Raton, FL 33486
Tel: (561) 394-3399
Fax: (866) 290-1291
www.saxenawhite.com
