SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

September 12, 2014 20:38 ET

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Altisource Portfolio Solutions S.A. (ASPS) to Contact the Firm

NEW YORK, NY--(Marketwired - September 12, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS) of the November 7, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Altisource and certain executives.

A complaint has been filed in the Southern District of Florida on behalf of all persons who purchased or otherwise acquired Altisource common stock between July 25, 2013 through August 4, 2014, inclusive (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Altisource made false and/or misleading statements and/or failed to disclose that: (i) the Company had charged exorbitant fees to Ocwen Financial Corp., a financial services holding company of which one of the defendants, William C. Erbey ("Erbey") is Chairman of the Board, to enable Altisource to funnel as much as $65 million in questionable fees; (ii) despite making public representations to the contrary, Erbey had been personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; (iii) the Company did not comply with applicable laws and regulations; (iv) Altisource's financial statements during the Class Period were artificially inflated; and (v) the Company did not employ adequate internal and financial controls.

On August 4, 2014, news articles announced that New York's Department of Financial Services was investigating whether Altisource entered into improper transactions with affiliated entities.

Following this news, the price of the Company's stock declined by $15.18, or over 14%, to close at $88.65 on August 4, 2014.

Request more information now by clicking here: www.faruqilaw.com/ASPS. There is no cost or obligation to you.

Take Action

If you invested in Altisource stock or options between July 25, 2013 through August 4, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/ASPS. 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 Altisource's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330