Deadline in Lawsuit for Investors in Altisource Residential Corp (NYSE:RESI) Shares Announced by Shareholders Foundation
21 Avril 2015 - 3:45PM
The Shareholders Foundation, Inc. announces that a lawsuit was
filed on behalf of certain purchasers of shares of Altisource
Residential Corp (NYSE:RESI) over alleged Violations of Federal
Securities Laws by Altisource Residential Corp in connection with
certain allegedly false and misleading statements.
Investors who purchased shares of Altisource Residential Corp
(NYSE:RESI) have certain options and should contact the
Shareholders Foundation at mail@shareholdersfoundation.com or call
+1(858) 779 - 1554.
The plaintiff claims that Altisource Residential Corporation
made certain false and/or misleading statements and/or failed to
disclose the full scope of its reliance on Ocwen Financial
Corporation (“Ocwen”), 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 March 19, 2014, a report was published that discussed
concerns surrounding the relationship between Altisource
Residential Corp and Altisource Asset Management
Corporation.
On December 22, 2014, Altisource Residential Corp announced that
William Erbey would be stepping down as Chairman of the Board of
Directors of Altisource Residential Corp. effective January 16,
2015. Erbey also stepped down from his post as executive chairman
of Ocwen following the investigation by NY 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 to end the process
of suspending Ocwen’s mortgage license. The same day BlueMountain
Capital Management, LLC sent Home Loan Servicing Solutions, Ltd and
Ocwen a notice of default on certain Notes issued in connection
with Home Loan Servicing Solutions, Ltd Servicer Advance
Receivables Trust.
Shares of Altisource Residential Corp (NYSE:RESI) declined from
almost $34 per share in early 2014 to as low as $16.38 per share on
January 29, 2015.
The lawsuit seeks to recover damages for certain investors in
Altisource Residential Corp (NYSE:RESI) shares.
Those who purchased Altisource Residential Corp (NYSE RESI)
shares have certain options and should contact the Shareholders
Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or
call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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