BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming March 7, 2016 deadline to file a lead plaintiff motion in the class action 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 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 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 Fifth Street shares, you may move the Court no later than March 7, 2016 to request appointment as lead plaintiff. 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 e-mail to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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