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Altisource Asset Management Corp (NYSEMKT: AAMC) Investor Securities Class Action Lawsuit 01/16/2015

  • If you purchased shares of Altisource Asset Management Corp (NYSEMKT: AAMC), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Altisource Asset Management Corp
Security
NYSEMKT: AAMC

Case Name
Altisource Asset Management Shareholder Class Action Lawsuit 01/16/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court of the Virgin Islands

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 7, 2017 - The lead plaintiff filed a notice of appeal.
April 6, 2017 - The court granted defendants' motion to dismiss.

July 20, 2015 - Defendants filed a motion to dismiss.

June 19, 2015 - The lead plaintiff filed an amended consolidated complaint.

May 12, 2015 - Lead plaintiff and lead counsel were appointed.

March 17, 2015 - Lead plaintiff motions were filed.

January 16, 2015 - An investor in shares of Altisource Asset Management Corp (NYSEMKT: AAMC) filed a lawsuit in the U.S. District Court of the Virgin Islands over alleged violations of Federal Securities Laws by Altisource Asset Management Corp (NYSEMKT: AAMC) and certain of the executive officers and directors of the Company in connection with certain allegedly false and misleading statements made between April 19, 2013 and January 12, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Altisource Asset Management Corp (NYSEMKT: AAMC) common shares between April 19, 2013 and January 12, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 19, 2013 and January 12, 2015 defendants misrepresented and/or concealed the Company's relationship with, and conflicted transactions with, a group of related companies, including Ocwen Financial Corporation, all of which were founded by Defendant William Erbey.

Altisource Asset Management Corp reported that annual Total Revenue of $71.61 million in 2013 with a Net loss of $5.29 million. Altisource Asset Management Corp is the asset manager for Altisource Residential Corporation (NYSE: RESI), which acquires loan portfolios from Ocwen Financial Corporation (NYSE: OCN).

On December 22, 2014, New York State Department of Financial Services announced a settlement with Ocwen Financial Corporation (NYSE: OCN). As part of the settlement, Ocwen Financial Corporation (NYSE: OCN) acknowledged that it didn’t properly deal with distressed homeowners, may have saddled them with excessive charges, and failed to maintain adequate systems for servicing its mortgages. Furthermore, William C. Erbey agreed to step down from his position as Executive Chairman of Ocwen Financial Corporation (NYSE: OCN) and as Chairman of the Board of Directors of Altisource Asset Management Corp and RESI.

On January 13, 2015, it was revealed that California regulators are seeking to suspend the mortgage license of Ocwen Financial Corporation (NYSE: OCN).

Shares of Altisource Asset Management Corp (NYSEMKT: AAMC) grew from under $120 in early 2013 to as high as $1179.78 per share in early 2014. Since then NYSEMKT: AAMC shares lost significant value and declined to as low as $148.00 per share on January 14, 2015.