|[March 19, 2014]
The Rosen Law Firm Announces Investigation of Potential Breaches of Fiduciary Duty by the Board of Directors of Altisource Residential Corp - RESI
NEW YORK --(Business Wire)--
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 AAC, 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 firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
Attorney Advertising. Prior results do not guarantee a similar outcome.
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