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Levi & Korsinsky announces it has commenced an investigation of New York Mortgage Trust Inc. (NASDAQGS: NYMT) concerning possible breaches of fiduciary duty by the board of directors of the company. In particular, Levi & Korsinsky has determined that New York Mortgage Trust Inc. has exceeded the limits set forth in the shareholder approved executive compensation plan, granting CEO Steven Mumma up to 107,845 shares of restricted stock in excess of approved limits. We are investigating an action seeking to force the Company to rescind the improper grants.
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