In Re Altisource Portfolio Solutions,
S.A. Securities Litigation
Welcome to the Altisource Securities Litigation Website
This is a securities class action (the “Action”) pending in the United States District Court for the Southern District of Florida (the “Court”). The Action was brought by investors alleging, among other things, that Defendants violated the federal securities laws by making materially false and misleading statements regarding the nature of the relationship and business dealings between Altisource Porfolio Solutions S.A. (“Altisource”), a provider of support and technology services for mortgage loan servicing, and Ocwen Financial Corporation, the largest nonbank mortgage servicer in the country and Altisource’s former parent.
Subject to Court approval, Lead Plaintiffs the Pension Fund for the Painters and Allied Trades District Council 35 and the Annuity Fund for the Painters and Allied Trades District Council 35 (“Lead Plaintiffs” or the “Painters Funds”), on behalf of themselves and the Settlement Class, have reached a proposed settlement of the Action for $32,000,000 in cash (the “Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.
If you are a member of the Settlement Class, your legal rights will be affected and you may be eligible for a payment from the Settlement, if it is approved. The Settlement Class consists of:
all persons or entities who or which purchased or otherwise acquired Altisource common stock during the period from April 25, 2013 through December 21, 2014, inclusive (the “Class Period”), and were damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition (see paragraph 26 of the Settlement Notice) or who request exclusion pursuant to the instructions set forth in the Settlement Notice.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|July 11, 2017||Claim Filing Deadline. Claim Forms, together with supporting documentation, must be postmarked no later than July 11, 2017 to be eligible for a payment from the Settlement, unless otherwise ordered by the Court.|
|May 9, 2017||Exclusion Deadline. To exclude yourself from the Settlement Class, you must submit a written request for exclusion so that it is received no later than May 9, 2017, in accordance with the instructions in the Settlement Notice.|
|May 9, 2017||Objection Deadline. Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses, must be received no later than May 9, 2017, in accordance with the instructions in the Settlement Notice.|
|May 9, 2017||Notice of Intention to Appear. Filing a written objection and notice of intention to appear by May 9, 2017 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.|
|May 30, 2017 at 1:15 p.m||Settlement Hearing. The Settlement Hearing will be held on May 30, 2017 at 1:15 p.m., before the Honorable William P. Dimitrouleas at the United States District Court for the Southern District of Florida, U.S. Federal Building and Courthouse, Courtroom 205B, 299 East Broward Boulevard, Fort Lauderdale, Florida 33301, to determine, among other things, whether the proposed Settlement is fair, reasonable and adequate and should be approved; whether the proposed Plan of Allocation is fair and reasonable and should be approved; and whether Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of expenses should be approved.|