The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the publicly traded stock of Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE: AAMC) between April 19, 2013 and January 12, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired AAMC publicly traded stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 17, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
AAMC investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the AAMC Securities Class Litigation
The action charges AAMC and certain of its current and former chief executives with violations of the Securities Exchange Act of 1934. AAMC provides asset management and certain corporate governance services to institutional investors.
According to the complaint, defendants misrepresented and/or concealed the Company’s relationship and conflicted transactions with a certain related companies, including Ocwen Financial Corporation (“Ocwen”), each of which were founded by defendant William Erbey.
On December 22, 2014, AAMC announced that as part of the terms of a settlement that Ocwen had reached with the New York Department of Financial Services (“NYDFS”), Defendant Erbey would be stepping down as chairman of AAMC’s board and from his positions at each of the related companies. As part of its investigation, NYDFS reportedly uncovered “serious conflicts of interest between the Related Companies.” On this news, the price of AAMC stock fell $108.80 per share, or 23.38% from a closing price of $465.30 on December 19, 2014, to close at $356.50 per share on December 22, 2014, on elevated trading volume.
On January 13, 2015, California’s Department of Business Oversight announced that it was seeking to revoke Ocwen’s license to operate in the state due to serious concerns over its servicing practices and treatment of California homeowners. On this news, the price of AAMC’s stock plummeted $107.53 per share, or over 33.41% from a closing price of $321.81 on January 12, 2015 to close at $214.28 per share on January 13, 2015, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358