The Rosen Law Firm Announces Investigation of Potential Breaches of Fiduciary Duty by the Board of Directors of Altisource Re...
2014年3月20日 - 12:01PM
ビジネスワイヤ(英語)
The Rosen Law Firm announces that it is investigating the Board
of Directors of Altisource Residential Corp (NYSE:RESI) for
possible breaches of fiduciary duty and other violations of state
law in connection with its asset management agreement with
Altisource Asset Management Corp (NYSE:AAMC).
RESI owns and manages single-family rental properties, primarily
through the acquisition of sub-performing and non-performing loan
portfolios. AAMC is the asset manager for RESI and is controlled by
RESI’s chairman, Bill Erbey. AAMC’s management team serves as both
asset managers and executives of RESI. On March 19, 2014, a report
was published by Glaucus Research Group asserting that RESI
significantly overpays AAMC, four to seven times above the market
price, to manage RESI’s assets and that there is a clear conflict
of interest in the asset management agreement since AAMC’s
management is also serving as senior executives of RESI. The
investigation relates to whether RESI’s Board breached its
fiduciary duties in connection with the incentive fees RESI agreed
to pay AAMC pursuant to their asset management agreement.
If you own RESI common stock, please visit the website at
http://rosenlegal.com for more information. You may also contact
Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll
free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
The Rosen Law Firm P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue 34th FloorNew York, New York
10016Tel: (212) 686-1060Toll Free: 1-866-767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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