Foreclosure Defense Florida

Another Day, Another Set of Serious Allegations Against David J. Stern

DJSP-dropThings just keep looking darker for the former king of Florida foreclosures, David J. Stern.   This comes from the wire at Wall Street Journal…poor David J. Stern…..the following is taken directly from the press release:

The Briscoe Law Firm, PLLC and Cash Powers Taylor, LLP Announce the Investigation of Possible Breaches of Fiduciary Duties Against the Officers and Directors of DJSP Enterprises, Inc.

DALLAS, Jul 28, 2010 (BUSINESS WIRE) — The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Cash Powers Taylor, LLP are investigating potential legal claims available to purchasers of DJSP Enterprises, Inc. (“DJSP” or “Company”) /quotes/comstock/15*!djsp/quotes/nls/djsp (DJSP 3.95, +0.07, +1.85%) during the period of March 16, 2010 and May 27, 2010.

DJSP and certain of its officers and directors allegedly violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements and failing to disclose certain facts known to them regarding the Company’s business and financial results. Specifically, on March 11, 2010, the Company issued statements assuring investors that it would continue to profit and earn revenue as usual, despite the Obama Administration’s efforts to curb real estate foreclosures. Additionally, the Company stated that DJSP would continue to be profitable in subsequent years and that its business would not be affected by the government’s involvement in the mortgage markets. However, in April 2010, when the Company’s largest clients began real estate foreclosure conversion systems, DJSP revenue from mortgage foreclosure began to substantially decline. As a result of defendants’ false statements, DJSP’s stock traded at artificially inflated prices during the Class Period.

If you currently own or purchased DJSP shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Cash Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at, or The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Cash Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE: Cash Powers Taylor, LL


One Comment

  • ForeclosureHamlet says:

    Recurrent theme? “issuing materially false and misleading statements and failing to disclose certain facts known to them”…

    When selling the mortgage backed security to fund managers worldwide
    When fooling bond insurers to take on the risk
    When buying credit default swap insurance
    At appraisal
    At origination
    At escrow determination
    When force placing insurance
    When misapplying payments
    When adding junk fees
    When bait and switching a temporary modification offer
    When promising a work-out while pursuing foreclosure
    When setting the amount due on the promissory note without applying thousands in payments
    When collecting on mortgage insurance
    When selling the deficiency debt
    When filing legal documents in the public court and land records
    When going public with a foreclosure mill
    When selling shares of the mill company to investors
    In front of a judge in an American court of law.

    In all these instances…………”issuing materially false and misleading statements and failing to disclose certain facts known to them”…

    And the wrongful foreclosures march on…


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