BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Fifth Street Asset Management, Inc. (“Fifth Street” or the “Company”) (NASDAQ: FSAM) securities in connection with the Registration Statement and Prospectus issued as a result of FSAM’s October 30, 2014 initial public offering (the “IPO”). Investors who have suffered losses on their investment in Fifth Street securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
FSAM, which is headquartered in Connecticut, is a credit-focused asset manager and the investment advisor for Fifth Street Finance Corp. (“FSC”), Fifth Street Senior Floating Rate Corp. (“FSFR”), and various private Fifth Street funds.
The complaint alleges that the IPO contained materially false and misleading statements and omissions, including that: (1) FSAM had $4.2 billion in assets under management from affiliated company, Fifth Street Finance Corp. (“FSC”), as of June 30, 2014 when in fact a material portion of FSC’s portfolio was impaired and should have been placed on non-accrual prior to the IPO; (2) FSAM’s purportedly “strong growth in assets under management” and “outstanding investor performance” was fueled in part by delaying the write down of impaired investments in FSC’s portfolio; and (3) FSC had a material weakness in its controls over financial reporting.
If you purchased shares of Fifth Street during the Class Period you may move the Court no later than March 7, 2016 to ask the Court to appoint you 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, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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