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ARTICLE · 19 FEBRUARY 2016

SEC's Charges Provide Support For Class Plaintiffs' Allegations In The Ocwen Securities Litigation

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Since this partial denial of the defendants' motion to dismiss, the SEC has issued another order ("Ocwen Order") supporting the Court's decision regarding the scienter allegations.

United StatesCorporate/Commercial Law
Joel Rothman
Joel Rothman
Kevin Mortimer
Kevin Mortimer
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A December 22, 2015 decision of the U.S. District Court of the Southern District of Florida in In re Ocwen Financial Corporation Securities Litigation illustrates the impact that an investigation and order of the Securities Exchange Commission ("SEC") may have on a plaintiff's ability to allege actionable false statements by an issuer regarding its internal controls.

The Executive Chairman of Ocwen Financial Corp. ("Ocwen") also acted as Chairman for Home Loan Servicing Solutions ("HLSS"). Prior to the SEC publicly announcing the settlement of charges relating to Ocwen and HLSS, on September 4, 2015, the Court granted the Ocwen defendants' motion to dismiss in its entirety the Consolidated Amended Complaint ("CAC") filed against Ocwen. The CAC alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The class plaintiffs, consisting of those who purchased Ocwen securities between May 2, 2013 and

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