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 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 email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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