Law
Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of investors of Altisource Asset Management
Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) concerning
possible violations of federal securities laws. The investigation is
focused on certain statements issued by AAMC between April 19, 2013 and
January 12, 2015, concerning the Company’s business and operations. AAMC
provides asset management and corporate governance services for
institutional investors in the United States.
The investigation is related to allegations that the Company
misrepresented and/or concealed its relationship and conflicted
transactions with a group of related companies, including Ocwen
Financial Corporation, which were founded by AAMC’s Executive Chairman,
William C. Erbey.
On December 22, 2014, the New York Department of Financial Services
(“DFS”) announced that as part of a settlement between the DFS and
Ocwen, Mr. Erbey would be stepping down as chairman of AAMC’s board and
from his positions at each of the related companies. The DFS stated that
it had uncovered “serious conflicts of interest between the Related
Companies.”
As a result of this announcement, AAMC’s stock price declined more than
23% on December 22, 2014, on heavy trading volume. Then, 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. Following
this news, the price of AAMC stock fell more than 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, on heavy trading volume.
If you purchased AAMC stock between April 19, 2013 and January 12, 2015,
if you have information or would like to learn more about these claims,
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 howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
Copyright Business Wire 2015