We are investigating whether Banco Macro’s filings with the U.S. Securities and Exchange Commission (the “SEC”) contained untrue statements of material facts or omitted material information.
On December 7, 2017, Bloomberg reported that Banco Macro Chairman Jorge Horacio Brito was the subject of a corruption scandal involving former Argentine Vice President Amado Boudou. According to the article, Boudou had been charged with “illicit enrichment for allegedly using shell companies and secret middlemen to gain control of a company given contracts to print the national currency.” The article identified Banco Macro’s Chairman Brito as one of those middlemen.
On March 19, 2014, Seeking Alpha published an article by Glaucus Research Group, challenging the fees paid by Altisource to its asset manager, Altisource Asset Management Corporation ("AAMC"). Altisource pays a quarterly "incentive fee" to AAMC for managing its portfolio of non-performing mortgages and foreclosed single-family homes. According to the article, in the fourth quarter of 2013, AAMC received an incentive fee equal to 32% of Altisource’s dividends paid to shareholders. The incentive fee is estimated to be four to seven times greater than compensation received by similar asset managers. In addition, AAMC's management may have conflicts of interest as it serves as the asset manager for Altisource and shares certain executives with Altisource. Both Altisource and AAMC are run by the same Chairman, William C. Erbey.
If you are aware of any facts relating to this investigation, or are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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