NEW YORK, Feb. 27, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court, District of the Virgin Islands, Division of St. Croix on behalf of those who purchased shares of Altisource Asset Management Corporation. ("Altisource" or the "Company") (NYSEMKT:AAMC), during the period between April 19, 2013 and January 12, 2015 inclusive. (the "Class Period").
The complaint alleges that during the Class Period defendants misrepresented and/or concealed 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").
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 ("New York DFS"), defendant Erbey would be stepping down as chairman of Altisource'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, Altisource'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.
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 Altisource'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.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Altisource during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Energy Recovery you have until March 17, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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