SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

January 26, 2015 16:00 ET

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Altisource Asset Management Corporation (AAMC) to Contact the Firm

NEW YORK, NY--(Marketwired - January 26, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altisource Asset Management Corporation ("Altisource" or the "Company") (NYSE: AAMC) of the March 17, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Altisource and certain officers and directors of the Company.

A complaint has been filed in the United States District Court for the District of the Virgin Islands on behalf of all persons who purchased Altisource publicly traded stock between April 19, 2013 and January 12, 2015 (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.

Specifically, the action alleges that during the Class Period, Altisource misrepresented and/or failed to disclose that the Company entered into transactions with Altisource Residential Corporation, Ocwen Financial Corporation ("Ocwen"), and other affiliated companies (the "Related Companies") that were not conducted at arm's-length, but were approved by defendant William C. Erbey ("Erbey"), Chairman of the Company's board of directors, who controlled the Related Companies.

On December 22, 2014, Altisource disclosed that Erbey was stepping down from his position. Then, on January 13, 2015, the California Department of Business Oversight announced that it was seeking to suspend Ocwen's license to conduct operations in the state.

Following this news, the price of the Company's stock declined by $107.53 per share, or over 33%, to close on January 13, 2015 at $214.28 per share.

Request more information now by clicking here: www.faruqilaw.com/AAMC. There is no cost or obligation to you.

Take Action

If you invested in Altisource common stock between April 19, 2013 and January 12, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/AAMC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Altisource's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330