Kessler Topaz Meltzer & Check, LLP Announces Proposed Settlement of Class Action Lawsuit Involving Purchasers of Ocwen Financial Corporation Common Stock

FORT LAUDERDALE, Fla., Sept. 5, 2017 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA

Case No. 14-CIV-81057-WPD

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IN RE OCWEN FINANCIAL CORPORATION
SECURITIES LITIGATION

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SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT OF CLASS ACTION;
(II) FINAL APPROVAL HEARING; AND (III) MOTION FOR AN AWARD OF
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:     All persons and entities who purchased or otherwise acquired Ocwen Financial Corporation ("Ocwen") common stock from May 2, 2013 through December 19, 2014, inclusive (the "Class Period"), and were damaged thereby (the "Class").

Certain persons and entities are excluded from the Court-certified Class as set forth in detail in the Stipulation of Settlement dated August 16, 2017 (the "Stipulation") and the Settlement Notice described below.

Please read this notice carefully.  If you are a member of the Class, your rights will be affected by a class action lawsuit pending in this Court, and you may be entitled to share in the Settlement described below.  If you have not previously exercised your right to opt out of the Class, you will be bound by the judgments and orders of the Court in connection with this Settlement.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of Florida, that the parties in the above-captioned action (the "Action") have reached a proposed settlement for total consideration of $56,000,000 in value, consisting of $49,000,000 in cash (the "Cash Settlement Amount") plus the number of shares of Ocwen common stock that equates to $7,000,000 in value (the "Settlement Shares" and, together with the Cash Settlement Amount, the "Settlement Amount"), that, if approved, will resolve all claims in the Action.¹ 

A hearing will be held on December 22, 2017 at 10:30 a.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: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the terms and conditions of, and the procedures for, the proposed issuance of the Settlement Shares, and any additional Settlement Shares, as part of the Settlement Amount are fair, both substantively and procedurally, to those to whom such shares will be issued; (iii) whether the deposit, distribution, and any sale of the Settlement Shares, and any additional Settlement Shares, is subject to exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended; (iv) whether the Action should be dismissed with prejudice against Defendants, and the releases set forth in the Stipulation (and Settlement Notice described below) should be granted; (v) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (vi) whether Class Counsel's application for an award of attorneys' fees and reimbursement of expenses, including Class Representatives' request for reimbursement of costs and expenses incurred in connection with their representation of the Class, should be approved.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  A detailed Notice of (I) Proposed Settlement of Class Action; (II) Final Approval Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Settlement Notice") and Proof of Claim and Release Form ("Claim Form") are currently being mailed to Class Members explaining Class Members' rights in connection with the Settlement and the process for submitting a Claim Form.  If you have not yet received the detailed Settlement Notice and Claim Form, you may obtain copies of these documents by visiting www.ocwensecuritieslitigation.com, or by contacting the Claims Administrator at:

Ocwen Financial Corporation Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173001
Milwaukee, WI  53217
(866) 905-8125
info@ocwensecuritieslitigation.com

Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Court-appointed Class Counsel:

Sharan Nirmul, Esq.
Richard A. Russo, Jr., Esq.
KESSLER TOPAZ MELTZER
& CHECK, LLP
280 King of Prussia Road
Radnor, PA  19087
Telephone: (610) 667-7706
Facsimile: (610) 667-7056
info@ktmc.com

If you are a Class Member, in order to be eligible to receive a payment from the net Settlement proceeds, you must submit a Claim Form postmarked no later than December 8, 2017, establishing that you are entitled to a recovery.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net Settlement proceeds, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a Class Member, you have the right to object to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's application for an award of attorneys' fees and reimbursement of expenses, including Class Representatives' request for reimbursement of costs and expenses incurred in connection with their representation of the Class.  Any objections must be filed with the Court and delivered to Class Counsel and Defendants' Counsel such that they are received no later than December 1, 2017, in accordance with the instructions set forth in the Settlement Notice.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, OCWEN OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator as listed above.

¹ Ocwen's contribution of Settlement Shares is subject to the limitation that, in no event, shall Ocwen be required to issue more than four percent (4%) of Ocwen's outstanding shares of common stock as of the date of the Court's final hearing to fund the Settlement Amount.  Ocwen may elect to substitute $7,000,000 in cash in lieu of the Settlement Shares at any time before the final hearing. 

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SOURCE Kessler Topaz Meltzer & Check, LLP