Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altisource Asset Management Corporation (“Altisource” or the “Company”) (NYSE:AAMC) of the March 17, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Altisource and certain officers and directors of the Company.
A complaint has been filed in the United States District Court for the District of the Virgin Islands on behalf of all persons who purchased Altisource publicly traded stock between April 19, 2013 and January 12, 2015 (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Altisource misrepresented and/or failed to disclose that the Company entered into transactions with Altisource Residential Corporation, Ocwen Financial Corporation (“Ocwen”), and other affiliated companies (the “Related Companies”) that were not conducted at arm’s-length, but were approved by defendant William C. Erbey (“Erbey”), Chairman of the Company’s board of directors, who controlled the Related Companies.
On December 22, 2014, Altisource disclosed that Erbey was stepping down from his position. Then, on January 13, 2015, the California Department of Business Oversight announced that it was seeking to suspend Ocwen’s license to conduct operations in the state.
Following this news, the price of the Company’s stock declined by $107.53 per share, or over 33%, to close on January 13, 2015 at $214.28 per share.
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If you invested in Altisource common stock between April 19, 2013 and January 12, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/AAMC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Altisource’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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