Investors Ask 11th Circ. To Revive Ocwen Omissions Suit
Law360, Miami (June 12, 2019, 4:31 PM EDT) -- Investors tried Wednesday to revive a securities fraud class suit accusing Ocwen Financial Group of issuing misleading statements about its regulatory compliance, but an Eleventh Circuit panel appeared skeptical that the statements in question were nothing more than nonactionable corporate puffery.
In oral arguments in Miami, Ian Berg of Abraham Fruchter & Twersky LLP, who argued on behalf of lead investor the University of Puerto Rico Retirement System, urged the Eleventh Circuit to reverse the dismissal of the suit because though Ocwen acknowledged to investors that it was having issues with regulators, it did not disclose that the proprietary software at...
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