STEVENSON, Md., April 1, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court of the Virgin Islands, Division of St. Croix, on behalf of purchasers of Altisource Residential Corporation ("RESI" or the "Company") (NYSE:RESI) securities during the period between February 7, 2013 and January 23, 2015, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until May 26, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in RESI securities purchased on or after February 7, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the true nature of the Company's reliance on Ocwen Financial Corporation and risks relating to its relationship with Ocwen including, but not limited to, that Ocwen was under investigation by regulators for violating state and federal laws regarding servicing of loans and that Ocwen was violating laws and regulations relating to foreclosure governance, implementation of modification programs, record keeping, required notifications, and charging unallowable fees. According to the complaint: following the February 26, 2014 disclosure that the New York Department of Financial Services (NYDFS) sent a letter to Ocwen concerning the conflict of interest of Defendant William Erbey's empire of RESI, Altisource Asset Management Corporation (AAMC), Ocwen and Home Loan Servicing Solutions, Ltd. (HLSS); following the December 22, 2014 Ocwen press release disclosing details relating to NYDFS's investigation of Ocwen being settled by a Consent Order and RESI's disclosure of that same date that Defendant Erbey was abdicating his position in connection with that Consent Order; following the January 13, 2015 revelation that California regulators were seeking to suspend Ocwen's mortgage license; and following the January 23, 2015 disclosure that BlueMountain Capital Management, LLC, a hedge fund, sent a notice of default to HLSS and Ocwen on certain notes HLSS serviced, the value of RESI shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.