SAN DIEGO, Oct. 19, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Front Yard Residential Corporation (NYSE: RESI) ("Front Yard or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Pretium and Ares Management Corporation (NYSE: ARES) ("Ares").
On October 19, 2020, Front Yard announced that they had entered into a definitive merger agreement with Pretium and Ares. Under the terms of the deal, Front Yard stockholders will receive $13.50 in cash per share.
The investigation concerns whether the Front Yard board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Front Yard shares of common stock.
If you are a shareholder of Front Yard and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP