April 21, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) shares over potential securities laws violations by Altisource Portfolio Solutions and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) concerning whether a series of statements by Altisource Portfolio Solutions regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Altisource Portfolio Solutions S.A. reported that its annual Total Revenue declined from over $1.05 billion in 2015 to $997.30 million in 2016 and that its Net Income declined from $41.60 million in 2015 to $28.69 million in 2016.

On November 10, 2016, Altisource Portfolio Solutions S.A. received a Notice and Opportunity to Respond and Advise letter from the Consumer Financial Protection Bureau indicating that it was considering a potential enforcement action against Altisource Portfolio Solutions S.A. relating to possible violations of federal law related to services provided to Ocwen Financial Corporation.
On April 20, 2017, the Consumer Financial Protection Bureau revealed that it was suing Ocwen Financial Corporation (NYSE:OCN), and reported that Ocwen Financial Corporation had generated errors in borrowers' accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent. Altisource Portfolio Solutions S.A. was formerly known as Ocwen Solutions, a wholly-owned subsidiary of Ocwen Financial Corporation. In addition, authorities in at least 20 states have issued cease-and-desist orders against the Company to address mishandling of consumer escrow accounts and a deficient financial condition, specifically prohibiting Ocwen Financial Corporation from acquiring new mortgage servicing rights and originating mortgage loans.

Shares of Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) declined from %46.99 per share on April 19, 2017 to as low as $23.75 per share on April 21, 2017.