NEW YORK, Jan. 13, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased securities of Fifth Street Asset Management, Inc. (“FSAM”) (NASDAQ:FSAM) pursuant or traceable to the Registration Statement issued in connection with the October 30, 2014 initial public offering. You are hereby notified that a class action lawsuit has been commenced in the USDC for the District of Connecticut. To get more information go to: http://zlk.9nl.com/fifth-street-asset-fsam.
The complaint alleges that documents filed for the IPO contained materially false and misleading statements and/or omitted information, including that: (a) FSAM had $4.2 billion assets under management from fund Fifth Street Finance Corp. (“FSC”) as of June 30, 2014, when in fact a substantial portion of FSC’s portfolio had been impaired on a cost basis prior to the IPO; (b) FSAM had increased its management fee revenues by a compound annual growth rate of nearly 50% year-over-year during the six months ended June 30, 2014 due to “outstanding performance,” when in fact the growth in fee revenue was largely due to the overstatement of FSC’s assets and dilutive stock offerings detrimental to the Funds’ shareholders; and (c) FSAM had “high-quality and predictable earnings,” when in fact FSAM’s revenues were unsustainable and the result of conduct placing FSAM’s management contract with FSC at risk.
If you suffered a loss in FSAM you have until March 7, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/fifth-street-asset-fsam.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
Source:Levi & Korsinsky, LLP