NEW YORK, Feb. 11, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of Fifth Street Asset Management Inc. common stock (NASDAQ:FSAM) pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with FSAM’s October 30, 2014 initial public offering (the “IPO”) of the important March 7, 2016 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for FSAM investors under the federal securities laws.
To join the FSAM class action, go to the firm’s website at http://rosenlegal.com/cases-815.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, the offering documents filed in connection with the IPO contained materially false and misleading statements and omissions, including that: (1) FSAM had $4.2 billion in assets under management from affiliated company, Fifth Street Finance Corp. (“FSC”), as of June 30, 2014 when in fact a material portion of FSC’s portfolio was impaired and should have been placed on non-accrual prior to the IPO; (2) FSAM’s purportedly “strong growth in assets under management” and “outstanding investor performance” was fueled in part by delaying the write down of impaired investments in FSC’s portfolio; and (3) FSC had a material weakness in its controls over financial reporting. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 7, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-815.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.