INVESTOR ALERT: Law Offices of Howard G. Smith Reminds Investors of the Lead Plaintiff Deadline In The Class Action Lawsuit Against Altisource Portfolio Solutions S.A.

Law Offices of Howard G. Smith reminds investors that purchasers of the common stock of Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ:ASPS) between July 25, 2013 and August 4, 2014, inclusive (the “Class Period”), have until November 7, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.

Altisource operates as a marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries in the United States. On August 4, 2014, news reports disclosed that New York’s Department of Financial Services (“DFS”) was investigating whether the Company entered into improper transactions with affiliated entities. According to the DFS, it appears that Altisource entered into an arrangement with Ocwen Financial Corp. (“Ocwen”) that will generate significant revenue from Ocwen’s new forced-place arrangement while requiring little work on Altisource’s behalf. Following this news, shares of Altisource declined nearly 15%, to a closing price of $88.65 per share on August 4, 2014, on heavy volume.

Then, on October 21, 2014, the DFS disclosed that Ocwen had backdated potentially hundreds of thousands of letters to mortgage borrowers. And, "Ocwen did nothing to investigate or address the backdating issue" when an employee raised concerns and "alerted the company's Vice President of Compliance." Instead, "Ocwen ignored the problem for five months," "failed to launch an appropriate investigation," and "still has not resolved the issue today." This news caused Altisource shares to plunge over 10%, or $10.32 per share, to a closing price of $84.51 per share on October 21, 2014.

The Complaint alleges that Altisource was complicit in Ocwen’s misleading and allegedly illegal behavior; despite public representations to the contrary, the Company’s chairman was personally involved in approving conflicted transactions with Altisource and other related entities which he controlled; that the Company failed to comply with applicable laws and regulations, including lending regulations designed to protect homeowners; and, the Company lacked adequate internal and financial controls.

If you are a member of the Class described above, you may move the Court no later than November 7, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Contacts:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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