San Diego, CA -- (ReleaseWire) -- 06/24/2014 -- An investigation for investors, who currently hold shares of Altisource Residential Corp (NYSE:RESI), concerning possible wrongdoing by certain Altisource Residential directors and officers in connection certain statements was announced.
Investors who are current stockholders of Altisource Residential Corp (NYSE:RESI) shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain statements regarding Altisource Residential Corp’s business, its prospects and its operations were materially false and misleading at the time they were made. The investigation concerns whether Altisource Residential Corp’s Board breached its fiduciary duties in connection with the incentive fees Altisource Residential Corp agreed to pay Altisource Asset Management Corp pursuant to their asset management agreement.
On March 19, 2014, a report was published asserting that Altisource Residential Corp significantly overpays Altisource Asset Management Corp, four to seven times above the market price, to manage Altisource Residential Corp’s assets and that there is a clear conflict of interest in the asset management agreement since Altisource Asset Management Corp’s management is also serving as senior executives of Altisource Residential Corp.
Shares of Altisource Residential Corp (NYSE:RESI) declined from $31.80 per share in March 2014 to $25.16 per share in May 2014.
On June 23, 2014, reports surfaced that stated that Altisource Residential Corp was shut out of a distressed loan auction of 23,000 defaulted single-family loans with $3.9 billion in unpaid principle from the U.S. Department of Housing and Urban Development. Shares of Altisource Residential Corp (NYSE:RESI) declined from $28.90 per share on June 20, 2014, to as low as $25.49 per share during June 23, 2014.
Those who purchased shares of certain Altisource Residential Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego