NEW YORK, Feb. 10, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fifth Street Asset Management Inc. ("FSAM" or the "Company") (NASDAQ: FSAM) of the March 7, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of all those who purchased FSAM securities on or around the October 30, 2014 initial public offering (the "IPO"). The case, Linde et al v. Fifth Street Asset Management, Inc. et al, No. 3:16-cv-00025 was filed on January 7, 2016, and has been assigned to Judge Robert N. Chatigny.
The lawsuit claims that the Company and its executives violated federal securities laws by issuing false and misleading statements and filing documents omitting information in connection with the Company's IPO.
Specifically, since the IPO was completed, Fifth Street Finance Corp. ("FSC"), a publicly traded asset portfolio company under FSAM, announced that a substantial portion of its debt portfolio had entered non-accrual, including $4.2 billion it manages for FSAM. This led to FSC being downgraded by Fitch Ratings Inc. from BB+ from BBB- on a negative outlook due largely to FSAM's poor management of FSC and its credibility problems with investors. Since the announcement, FSC has had to reissue financials for three consecutive quarters.
The share price has fallen from its $17.00 per share IPO price to a $4.03 per share closing price on December 9—a 76% drop.
Request more information now by clicking here: www.faruqilaw.com/FSAM. There is no cost or obligation to you.
If you invested in FSAM stock pursuant to and/or traceable to the IPO and would like to discuss your legal rights, visit www.faruqilaw.com/FSAM. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding FSAM's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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