STEVENSON, Md., Apr. 23, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court, District of the Virgin Islands, Division of St. Croix, on behalf of purchasers of Altisource Asset Management Corporation (“Altisource” or the “Company”) (NYSE: AAMC ) securities during the period between April 19, 2013 and January 12, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 17, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Altisource securities purchased on or after April 19, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the class period the Company’s relationship with, and conflicted transactions with, a group of related companies, including Ocwen Financial Corporation (“Ocwen”), all of which were founded by defendant William C. Erbey (“Erbey”).
According to the complaint, following the December 22, 2014 Company announcement that as part of the terms of a settlement that Ocwen had reached with the New York Department of Financial Services, defendant Erbey would be stepping down as chairman of Altisource’s board and from his positions at each of the related companies and following the January 13, 2015 announcement by the California Department of Business Oversight that it was seeking to revoke Ocwen’s license to operate in the state, the value of Altisource shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
