SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Altisource Residential Corporation and C...
31 Mars 2015 - 6:49PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Altisource Residential Corporation ("RESI" or the
"Company") (NYSE:RESI) and certain of its officers. The class
action, filed in United States District Court, District of the
Virgin Islands, Division of St. Croix, is on behalf of a class
consisting of all persons or entities who purchased RESI securities
between February 7, 2013 and January 23, 2015, inclusive (the
"Class Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased RESI securities during
the Class Period, you have until May 26, 2015 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Altisource Residential Corporation, through its subsidiary,
Altisource Residential, L.P., focuses on acquiring, owning, and
managing single-family rental properties in the United States.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose: (1)
the full scope of its reliance on Ocwen Financial Corporation
("Ocwen"), a related party and the risks relating to its
relationship with Ocwen; and (2) the full scope of its related
party relationship with the Company.
On February 26, 2014, the NY DFS sent a letter to Ocwen
concerning the conflict of interest of Defendant Erbey's empire of
RESI, AAMC, Ocwen and HLSS. On the publication, release and
reporting of this letter, the price of RESI securities fell by
$1.95, or over 7%, closing at $24.49 on February 25, 2014.
On December 22, 2014 Ocwen issued a press release entitled
"Ocwen Financial Agrees to Settlement with New York Dept. of
Financial Services." The press release details how the NY DFS's
investigation of Ocwen was settled by a Consent Order. Also on
December 22, 2014, RESI filed a Form 8-K with the SEC with a press
release as an exhibit stating that Defendant Erbey was stepping
down as Director and Chairman of the Board of RESI effective
January 16, 2015. The 8-K states that Defendant Erbey was
abdicating his position "in connection with the Consent Order
entered into by Ocwen Financial Corporation with the New York
Department of Financial Services." On the news of Ocwen's
settlement and signed Consent Order with the NY DFS and Defendant
Erbey's departure from RESI, the Company's securities fell by $1.37
per share, or about 7%, closing at $18.65 December 22, 2014.
On January 13, 2015, it was revealed that California regulators
are seeking to suspend Ocwen's mortgage license. Investor's
Business Daily published an article, "Ocwen Financial's Calif. Woes
Sink Shares" detailing the California regulators' position. On the
news that California regulators were proceeding to suspend Ocwen's
mortgage license, RESI's securities fell by $1.08 from the previous
day, or about 6%, closing at $16.76 on January 13, 2015.
On January 23, 2015, BlueMountain Capital Management, LLC
("BlueMountain"), a hedge fund, sent a notice of default to HLSS
and Ocwen on certain notes HLSS serviced. Due to recent regulatory
sanctions against Ocwen, which also had an impact on HLSS, it
constituted a breach and a default under the terms of the lending
agreement. HLSS defaulted on notes worth about $1 billion.
Later in the day of January 23, 2015, Forbes published an
article "Ocwen Financial Keeps California Mortgage License, Sued by
Bondholders" that discussed a settlement between Ocwen and the DBO
and the notice of default it received from BlueMountain. On the
news of HLSS defaulting on the notes with BlueMountain, RESI
securities fell by $0.35, closing at $18.04 on January 23,
2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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