altisource portfolio sol (ASPS) Key Developments
Wholesale One Cooperative Appoints Greg Murray as Chief Executive Officer
Sep 16 14
Altisource Portfolio Solutions S.A. has launched Wholesale One, a new cooperative for the wholesale mortgage industry. Altisource has tapped Greg Murray to lead the new cooperative as Chief Executive Officer.
Altisource Launches Wholesale One Cooperative
Sep 11 14
Altisource Portfolio Solutions S.A. has launched Wholesale One, a new cooperative for the wholesale mortgage industry. Wholesale One will provide a platform for mortgage brokers, wholesale lenders and related vendors to provide quality loans to consumers nationwide. The new cooperative will assist mortgage brokers and other third-party originators with tools to improve their businesses. Cooperative benefits are designed to help lower costs for third-party services and streamline the financial execution of a wide variety of loan products. Wholesale One will benefit from Murray's extensive background in the third-party originations space and decades of leadership experience at Citigroup, Wells Fargo and JPMorgan Chase & Co.
Saxena White P.A. Files Securities Fraud Class Action Against Altisource Portfolio Solutions SA
Sep 8 14
Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of Florida against Altisource Portfolio Solutions SA on behalf of investors who purchased or otherwise acquired the common stock of the company during the period from July 25, 2013 through August 4, 2014. The complaint brings claims for violations of the Securities Exchange Act of 1934. The complaint alleges that throughout the class period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose material information regarding the company's improper business and operational practices including, among other things, the fact that Ocwen Financial Corporation, a financial services holding company of which Defendant William C. Erbey is Chairman of the Board, was funneling as much as $65 million in fees annually from already-distressed homeowners to Altisource for minimal work; and that Erbey, who owns approximately 27% of Altisource's shares outstanding, was directly involved in approving Altisource's conflicted transactions with Ocwen.
Altisource Launches Altisource Labs India
Aug 22 14
Altisource Portfolio Solutions S.A. announced the grand opening of its new technology campus in Pritech Park on Outer Ring Road, Bangalore. The new campus doubles the company's available space and is the new home to Altisource Labs India, its global technology innovation Accelerator. The Labs, with offices in Boston and Atlanta, continues its global expansion with this third location. Altisource Labs India plans to hire 500 technology professionals in 2014 and is aggressively recruiting the region's top software architects, Java engineers, product managers, consumer analytics experts and software implementation consultants. Altisource Labs India is positioned to be a leading enterprise software and Big Data player in Bangalore. The opening of the Labs in India supports the company's rapid business growth and expanding investments in its software portfolio. Altisource was recently named the 20(th) fastest growing global company by Fortune.
Altisource Portfolio Solutions S.A. Appoints Girish Juneja as Chief Technology Officer
Aug 8 14
Altisource Portfolio Solutions S.A. announced that Girish Juneja has been named as Chief Technology Officer. Reporting to the President of Technology Services, Juneja will be responsible for guiding Altisource's technology vision, creating cloud-enabled development platforms that Altisource and its Labs' portfolio companies are using to rapidly build the next generation of software applications for the financial services sector. A seasoned technology executive with roots in big data, cloud infrastructure and software-as-a-Service (SaaS) platforms, Juneja will lead technology teams across its global footprint in Atlanta, Bangalore, Boston, Dallas, Irvine, Luxembourg, Los Angeles, and Seattle. Before joining Altisource, Juneja was General Manager, Big Data Products and Chief Technology Officer of Data Center Software at Intel Corporation.