NEW YORK--(BUSINESS WIRE)--
Levi & Korsinsky, LLP announces it has commenced an investigation of Altisource Portfolio Solutions S.A. (“Altisource”) (ASPS) concerning possible violations of federal securities laws.
On November 10, 2016, Altisource received a Notice and Opportunity to Respond and Advise letter from the Consumer Financial Protection Bureau indicating that it was considering a potential enforcement action against Altisource relating to possible violations of federal law related to services provided to Ocwen.
On April 20, 2017, the Consumer Financial Protection Bureau revealed that it was suing Ocwen Financial Corporation (OCN), and reported that Ocwen had generated errors in borrowers' accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent. Altisource was formerly known as Ocwen Solutions, a wholly-owned subsidiary of Ocwen. In addition, authorities in at least 20 states have issued cease-and-desist orders against the Company 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. Following this news, shares of Altisource fell from a close of $43.88 per share on April 19, 2017, to a close of $25.44 per share on April 20, 2017. To obtain additional information, go to:
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Levi & Korsinsky is a national firm with offices in New York, Connecticut, California and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.