Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company between April 19, 2013 and January 12, 2015, concerning AAMC’s business and operations.
Please contact Lesley Portnoy or Casey Sadler at (888) 773-9224 or (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
AAMC provides asset management and corporate governance services for institutional investors in the United States. The investigation is related to allegations that the Company misrepresented and/or concealed its relationship with, and conflicted transactions with, a group of related companies, including Ocwen Financial Corporation, which were founded by AAMC’s Executive Chairman, William C. Erbey.
On December 22, 2014, the New York Department of Financial Services (“DFS”) announced that as part of a settlement between the DFS and Ocwen, Mr. Erbey would be stepping down as chairman of AAMC’s board and from his positions at each of the related companies. The DFS stated that it had uncovered “serious conflicts of interest between the Related Companies.”
As a result of this announcement, AAMC’s stock price declined more than 23% on December 22, 2014, on heavy trading volume. Then, on January 13, 2015, the California Department of Business Oversight announced that it was seeking to revoke Ocwen’s license to operate in the state. Following this news, the price of AAMC stock fell more than 33%, from a closing price of $321.81 per share on January 12, 2015, to close at $214.27 per share on January 13, 2015, on heavy trading volume.
If you purchased shares of AAMC stock between April 19, 2013 and January 12, 2015, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by toll-free telephone at (888) 773-9224 or by telephone at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.