Violations of federal securities laws as a result of a series of materially false statements. Home Loan Servicing Solutions acquires mortgage servicing assets and engages Ocwen Financial Corporation to service the mortgage loans underlying such assets. According to the Complaint, the Company made false and/or misleading statements and/or failed to disclose that: (1) the Company's business was dependent on Ocwen and Ocwen conducting its business legally; (2) the Company's business faced material risks and uncertainties due to the systemic internal control weaknesses at Ocwen; (3) Ocwen was under investigation for violating applicable federal and state regulations and laws, including, among other things, the New York Department of Financial Services' and the State of California's investigation of Ocwen; (4) the Company was in breach of provisions of its notes held by BlueMountain Capital Management, LLC; and (5) the Company faces material risks if it defaults on its notes. The Complaint asserts that when the truth was revealed, the price of the Company's stock dropped, damaging investors. Filed in S.D.N.Y.
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