SAN DIEGO, Apr. 21, 2015 (GLOBE NEWSWIRE) -- 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.