BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District of the Virgin Islands on behalf of purchasers of the common stock of Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) between April 19, 2013 and January 12, 2015, inclusive (the “Class Period”).
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 have until March 17, 2015, to move the Court to serve as lead plaintiff, if you 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 you wish to learn more about this action, 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 http://www.howardsmithlaw.com.