NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm reminds purchasers of the common stock of Altisource Asset Management Corporation (NYSE:AAMC) between April 19, 2013 and January 12, 2015 of the important March 17, 2015 lead plaintiff deadline in the class action.
To join the Altisource class action, visit the firm’s website at http://www.rosenlegal.com/cases-477.html, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email firstname.lastname@example.org or email@example.com for information on the class action. The case is pending the U.S. District Court for the District of the Virgin Islands, Division of St. Croix.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
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.
If you wish to serve as lead plaintiff, you must move the Court no later than March 17, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://www.rosenlegal.com/cases-477.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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