Faruqi & Faruqi, LLP Launches An Investigation Against Flexsteel Industries, Inc. (FLXS) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Flexsteel Industries, Inc. (“Flexsteel” or the “Company”) (NasdaqGS: FLXS) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for the Company’s Long-Term Incentive Compensation Plan and Omnibus Stock Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on October 28, 2013, the Board of Directors recommends that Flexsteel’s shareholders vote to approve the Long-Term Incentive Compensation Plan and Omnibus Stock Plan. Under each plan, up to 700,000 shares of common stock are available for distribution. The issuance of the additional shares could have a substantial dilutive effect on the shares of Flexsteel common stock.
If you own common stock in Flexsteel Industries and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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