Altisource Asset Management (NYSEMKT:AAMC) stock is climbing higher on Thursday after the company posted an update on its legal battle with Blackrock (NYSE:BLK) and PIMCO.
A press release from Altisource reveals progress on the case from a U.S. Virgin Islands Superior Court judge. This judge has found that six of the seven defendants in the trial are in the court’s jurisdiction.
To go along with that, this judge is allowing Altisource Asset Management to move forward with all of its statutory and tort claims against those defendants. That also saw the judge approve a “132-page Recommendation previously issued by the Staff Master assigned to review the pending motions in the case.”
Altisource Asset Management is suing Blackrock and several PIMCO companies for damages. Altisource Chairman Ricardo Byrd said the following about today’s update:
“We are pleased with this pivotal development in the prosecution of our damage claims against these Blackrock and PIMCO defendants […] We look forward to moving the litigation process forward toward trial.”
AAMC Stock Movement on Thursday
With news of the ongoing legal battle comes heavy trading of AAMC stock. That has more than 60,000 shares changing hands as of this writing. For comparison, the company’s daily average trading volume is closer to 29,000 shares.
AAMC stock is up 24% as of Thursday morning.
Investors can find more of the hottest stock market news ready to go down below!
We have all of the latest stock market news worth reading about on Thursday! Among that is what has shares of Hempacco (NASDAQ:HPCO) stock up, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
