Glancy
Binkow & Goldberg LLP reminds investors of Altisource
Asset Management Corporation (“AAMC” or the “Company”) (NYSE
MKT:AAMC) that purchasers of AAMC common stock between April 19, 2013
and January 12, 2015, inclusive (the “Class Period”), have until March
17, 2015, to file a motion to be appointed as lead plaintiff in the
shareholder lawsuit filed in the United States District Court for the
District of the Virgin Islands.
AAMC provides asset management and corporate governance services for
institutional investors in the United States. The Complaint
alleges that the Company misrepresented and/or concealed its
relationship and conflicted transactions with Ocwen Financial
Corporation and a group of related companies, all of 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 are a member of the Class described above, you may move the Court
no later than March 17, 2015, to serve as lead plaintiff; however, you
must meet certain legal requirements. 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
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 Lesley
Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, by
e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email, please include your mailing address, telephone
number and number of shares purchased.
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jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2015