DEADLINE ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Altisource Residen...
18 Mai 2015 - 11:20PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court of the Virgin
Islands, Division of St. Croix, on behalf of purchasers of
Altisource Residential Corporation (“RESI” or the “Company”) (NYSE:
RESI) securities during the period between February 7, 2013 and
January 23, 2015, inclusive (the “Class Period”). Investors who
wish to become proactively involved in the litigation have until
May 26, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in RESI securities
purchased on or after February 7, 2013 and held through the
revelation of negative information during and/or at the end of the
Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company securities during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period the true nature of the
Company’s reliance on Ocwen Financial Corporation and risks
relating to its relationship with Ocwen including, but not limited
to, that Ocwen was under investigation by regulators for violating
state and federal laws regarding servicing of loans and that Ocwen
was violating laws and regulations relating to foreclosure
governance, implementation of modification programs, record
keeping, required notifications, and charging unallowable fees.
According to the complaint: following the February 26, 2014
disclosure that the New York Department of Financial Services
(NYDFS) sent a letter to Ocwen concerning the conflict of interest
of Defendant William Erbey’s empire of RESI, Altisource Asset
Management Corporation (AAMC), Ocwen and Home Loan Servicing
Solutions, Ltd. (HLSS); following the December 22, 2014 Ocwen press
release disclosing details relating to NYDFS’s investigation of
Ocwen being settled by a Consent Order and RESI’s disclosure of
that same date that Defendant Erbey was abdicating his position in
connection with that Consent Order; following the January 13, 2015
revelation that California regulators were seeking to suspend
Ocwen’s mortgage license; and following the January 23, 2015
disclosure that BlueMountain Capital Management, LLC, a hedge fund,
sent a notice of default to HLSS and Ocwen on certain notes HLSS
serviced, the value of RESI shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150518006754/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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