SAN DIEGO, Jan. 26, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Connecticut for certain purchasers of shares of Fifth Street Asset Management Inc (NASDAQ:FSAM) over alleged Securities Laws Violations.
Investors who purchased shares of Fifth Street Asset Management Inc (NASDAQ:FSAM) have certain options and for certain investors are short and strict deadlines running. Deadline: March 7, 2016. NASDAQ:FSAM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Fifth Street Asset Management Inc is a credit-focused asset manager and the investment advisor for Fifth Street Finance Corp., Fifth Street Senior Floating Rate Corp. (“FSFR”), and various private Fifth Street funds.
The plaintiff alleges on behalf of those who purchased shares pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with FSAM’s October 30, 2014 initial public offering (“IPO”), that the defendants violated the Securities Act of 1933. More specifically, the plaintiff claims that that the offering documents filed in connection with the IPO contained allegedly materially false and misleading statements of fact and allegedly failed to disclose facts necessary to make the statements made therein not misleading, including, among other statements, that Fifth Street Asset Management Inc had $4.2 billion assets under management from Fifth Street Finance Corp as of June 30, 2014, when in fact a substantial portion of FSC’s portfolio had been impaired on a cost basis prior to the IPO, that Fifth Street Asset Management Inc had increased its management fee revenues by a compound annual growth rate of nearly 50% year-over-year during the six months ended June 30, 2014 due to Fifth Street Asset Management’s “outstanding performance,” when in fact the growth in fee revenue was largely due to the overstatement of Fifth Street Finance Corp’s assets and dilutive stock offerings detrimental to the Funds’ shareholders, and that Fifth Street Asset Management Inc had “high-quality and predictable earnings,” when in fact Fifth Street Asset Management’s revenues were unsustainable and the result of conduct that placed Fifth Street Asset Management’s most important asset – its management contract with Fifth Street Finance Corp – at risk.
Those who purchased Fifth Street Asset Management Inc (NASDAQ:FSAM) shares 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.