WASHINGTON, Nov. 4, 2019 /PRNewswire-HISPANIC PR WIRE/ –
IN THE DISTRICT COURT FOR THE VIRGIN ISLANDS
DIVISION OF ST. CROIX
ERIC MARTIN, Individually and on
CIVIL NO. 1:15-CV-00024
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, PROPOSED SETTLEMENT, SETTLEMENT HEARING, AND MOTION FOR ATTORNEYS’ FEES AND EXPENSES
All persons and entities that purchased shares of common stock of Altisource Residential Corporation (”RESI”) between December 24, 2012 and December 22, 2014, inclusive (the “Class Period”).
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of the Virgin Islands, that Lead Plaintiff Lei Shi and Plaintiff Ashley Saunders (collectively, “Plaintiffs”), on behalf of themselves and the Settlement Class, and Altisource Residential Corporation, William C. Erbey, Ashish Pandey, Kenneth D. Najour, Robin N. Lowe, and Rachel M. Ridley (collectively, “Defendants”), have reached a proposed settlement of the above-captioned action in the amount of $15,500,000 that, if approved, will resolve the lawsuit in its entirety (the “Settlement”).
A hearing will be held before the Honorable Anne E. Thompson of the United States District Court for the District of Virgin Islands, by designation, at the Clarkson S. Fisher Building & U.S. Courthouse, Courtroom 4W, 408 East State Street, Trenton, NJ 08608, at 10:00 a.m. on January 30, 2020 (the “Settlement Hearing”) to, among other things, determine whether the Court should: (i) certify the Settlement Class for the purposes of the Settlement only; (ii) approve the proposed Settlement as fair, reasonable, and adequate; (iii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated October 7, 2019 (”Stipulation”); (iv) approve the proposed Plan of Allocation for distribution of the Net Settlement Fund; and (v) approve Lead Counsel’s Fee and Expense Application. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a Notice and Proof of Claim and Release form (”Claim Form”), you may obtain copies of these documents by visiting the website dedicated to the Settlement, www.AltisourceResidentialSettlement.com, or by contacting the Claims Administrator at:
Altisource Residential Corporation Securities Litigation
A.B. Data, Ltd.
P.O. Box 173012
Milwaukee, WI 53217
Inquiries, other than requests for the Notice, Claim Form, or for information about the status of a claim, may also be made to Lead Counsel:
Nicholas I. Porritt
LEVI & KORSINSKY, LLP
1101 30th St. N.W., Suite 115
Washington, DC 20007
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or received no later than February 22, 2020. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court in the Action, whether favorable or unfavorable.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than January 9, 2020. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s Fee and Expense Application must be filed with the Court and mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are filed and receivedno later than January 9, 2020.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR
DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
DATED: October 21, 2019
BY ORDER OF THE COURT
DISTRICT OF THE VIRGIN ISLANDS