NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm announces that it is investigating potential securities claims against Altisource Asset Management Corporation (NYSE:AAMC) resulting from allegations that AAMC may have issued materially misleading business information to the investing public.
AAMC is the asset manager for Altisource Residential Corporation (NYSE:RESI), which acquires loan portfolios from Ocwen Financial Corporation (NYSE:OCN). On December 22, 2014, New York State Department of Financial Services announced a settlement with OCN. As part of the settlement, OCN acknowledged that it didn’t properly deal with distressed homeowners, may have saddled them with excessive charges, and failed to maintain adequate systems for servicing its mortgages. Furthermore, William C. Erbey agreed to step down from his position as Executive Chairman of OCN and as Chairman of the Board of Directors of AAMC and RESI. On this news, shares of AAMC fell $108.8 per share or over 23% to close at $356.5 per share on December 22, 2014, damaging investors.
On January 13, 2015, it was revealed that California regulators are seeking to suspend the mortgage license of OCN. On this news, shares of AAMC fell $107.53 per share or over 33% to close at $214.28 per share on January 13, 2015, further damaging investors.
The Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by AAMC shareholders as a result of this adverse information. If you purchased AAMC stock on or before January 13, 2015, please visit the website at http://rosenlegal.com/cases-477.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.