Law Offices of Howard G. Smith 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 is focused on certain statements issued by AAMC between April 19, 2013 and January 12, 2015, concerning the Company’s business and operations. 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 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 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 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.