The Rosen Law Firm, P.A., a global investor rights firm, announced that a class action lawsuit has been filed on behalf of investors who purchased common stock of Altisource Asset Management Corporation (NYSE:AAMC) between April 19, 2013 and January 12, 2015. The lawsuit seeks to recover investors’ losses by asserting claims under the federal securities laws.
To join the Altisource class action, visit the firm’s website at http://www.rosenlegal.com/cases-477.html, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the District of the Virgin Islands, Division of St. Croix.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
AAMC is the asset manager for Altisource Residential Corporation (NYSE:RESI), which acquires loan portfolios from Ocwen Financial Corporation (NYSE:OCN). On December 22, 2014, New York State Department of Financial Services announced a settlement with OCN. As part of the settlement, OCN acknowledged that it didn’t properly deal with distressed homeowners, may have saddled them with excessive charges, and failed to maintain adequate systems for servicing its mortgages. Furthermore, William C. Erbey agreed to step down from his position as Executive Chairman of OCN and as Chairman of the Board of Directors of AAMC and RESI. On this news, shares of AAMC fell $108.8 per share or over 23% to close at $356.5 per share on December 22, 2014, damaging investors.
On January 13, 2015, it was revealed that California regulators are seeking to suspend the mortgage license of OCN. On this news, shares of AAMC fell $107.53 per share or over 33% to close at $214.28 per share on January 13, 2015, further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than March 17, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://www.rosenlegal.com/cases-477.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The
Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax:
(212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
Contacts:
866-767-3653
Phillip Kim, Esq.
pkim@rosenlegal.com
or
Kevin
Chan, Esq.
kchan@rosenlegal.com
