NEW YORK, Jan. 23, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit against Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE: AAMC ) and certain of the executive officers and directors was filed in the United States District Court of the Virgin Islands on behalf of investors in AAMC common stock during the period of April 19, 2013 to January 12, 2015, inclusive (the "Class Period"). The deadline for filing a motion for appointment as Lead Plaintiff is March 17, 2015
The Complaint alleges that during the Class Period defendants misrepresented and/or concealed the Company's relationship and conflicted transactions with a group of related companies, including Ocwen Financial Corporation, all of which were founded by Defendant William Erbey.
On December 22, 2014, the Company announced that as part of the terms of a settlement that Ocwen had reached with the New York Department of Financial Services (the "New York DFS"), Defendant Erbey would be stepping down as chairman of AAMC's board and from his positions at each of the related companies. As part of its investigation, the New York DFS indicated that it had uncovered "serious conflicts of interest between the Related Companies." As a result of this announcement, AAMC's stock price declined over 23% from a closing price of $465.30 per share on December 19, 2014 to close at $356.50 per share on December 22, 2014, on high trading volume.
Subsequently, 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. On this news, the price of AAMC's stock fell over 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the "Altisource" investigation."
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan or Gregory Stone Email: , or Tel: (800) 575-0735 or (212) 545-4774
