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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of February 22, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 21, 2019 - The court preliminarily approved the settlement.
October 8, 2019 - A stipulation of settlement as filed by the parties.
March 27, 2015 - An investor in shares of Altisource Residential Corporation (NYSE: RESI) filed a lawsuit in the U.S. District Court for the District of the Virgin Islands against Altisource Residential Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 7, 2013 and January 23, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Altisource Residential Corporation (NYSE: RESI) common shares between February 7, 2013 and January 23, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Altisource Residential Corporation made false and/or misleading statements and/or failed to disclose the full scope of its reliance on Ocwen Financial Corporation, a related party and the risks relating to its relationship with Ocwen, and the full scope of its related party relationship with Altisource Asset Management Corporation. When the true details entered the market, Altisource Residential Corporation’s share price declined and investors suffered damages.
On February 26, 2014, the New York Department of Financial Services sent a letter to Ocwen Financial Corporation concerning a potential conflict of interest. On March 19, 2014, a report was published that discussed concerns surrounding the relationship between Altisource Residential Corporation and Altisource Asset Management Corp. On December 22, 2014, Altisource Residential announced that William C. Erbey would be stepping down as Chairman of the Board of Directors of Altisource Residential effective January 16, 2015. Erbey also stepped down from his post as executive chairman of Ocwen Financial Corporation following the investigation by New York State regulatory authorities that alleged conflicts of interests involving financial transactions involving Ocwen and related companies with financial ties to Ocwen, including Altisource Residential, Altisource Portfolio Solutions S.A. and Home Loan Servicing Solutions, Ltd. On January 23, 2015, the California Department of Business Oversight entered into a settlement with Ocwen Financial Corporation to end the process of suspending Ocwen Financial’s mortgage license. On January 23, 2015 BlueMountain Capital Management, LLC, a hedge fund, sent Home Loan Servicing Solutions, Ltd and Ocwen Financial Corporation a notice of default on certain Notes issued in connection with Home Loan Servicing Solutions, Ltd Servicer Advance Receivables Trust.