Glancy Binkow & Goldberg LLP reminds investors of Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) that purchasers of AAMC common stock between April 19, 2013 and January 12, 2015, inclusive (the “Class Period”), have until March 17, 2015, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of the Virgin Islands.
AAMC provides asset management and corporate governance services for institutional investors in the United States. The Complaint alleges that the Company misrepresented and/or concealed its relationship and conflicted transactions with Ocwen Financial Corporation and a group of related companies, all of 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 are a member of the Class described above, you may move the Court no later than March 17, 2015, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, 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.