NEW YORK, Jan. 21, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Altisource Asset Management Corporation ("Altisource" or the "Company") (NYSE: AAMC), concerning whether the Company and certain officers have violated the federal securities laws.
Altisource is the asset manager for Altisource Residential Corporation, which acquires loan portfolios from Ocwen Financial Corporation ("Ocwen"). Altisource and Ocwen were both founded by Altisource's Executive Chairman, William C. Erbey ("Erbey").
On December 22, 2014, the New York Department of Financial Services ("NYDFS") announced that due to a settlement between NYDFS and Ocwen, Erbey would be required to resign as chairman of Altisource's portfolio and from his position at Ocwen. The NYDFS stated its investigation had turned up "serious conflicts of interest between the Related Companies." On this news Altisource stock declined over 20%
Then, on January 13, 2015, the California Department of Business Oversight announced that it was seeking to revoke Ocwen's license to operate in the state. On this news, Altisource stock declined another 33%.
Our investigation concerns whether the Company or any of its officers have violated the federal securities laws by disseminating false and misleading statements.
If you own Altisource shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP