The Shareholders Foundation announces that an investor, who purchased shares of Altisource Residential Corp (NYSE:RESI), filed a lawsuit in the U.S. District Court for the District of the Virgin Islands over alleged violations of Federal Securities Laws by Altisource Residential Corp in connection with certain allegedly false and misleading statements made between February 7, 2013 and January 23, 2015.
Investors who purchased shares of Altisource Residential Corp (NYSE:RESI) have certain options and for certain investors are short and strict deadlines running. Deadline: May 26, 2015. NYSE:RESI investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Altisource Residential Corp (NYSE:RESI) common shares between February 7, 2013 and January 23, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Altisource Residential Corporation made false and/or misleading statements and/or failed to disclose the full scope of its reliance on Ocwen Financial Corporation, 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 asserting that Altisource Residential Corp significantly overpays Altisource Asset Management Corp, four to seven times above the market price, to manage Altisource Residential Corp’s assets and that there is a clear conflict of interest in the asset management agreement since Altisource Asset Management Corp’s management is also serving as senior executives of Altisource Residential Corp.
Those who purchased shares of Altisource Residential Corp (NYSE:RESI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego