Faruqi & Faruqi, LLP Launches An Investigation Against Transgenomic Inc. (TBIO) 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 Transgenomic Inc. (“Transgenomic” or the “Company”) (OTC: TBIO) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for amendments to the Company’s 2006 Equity Incentive Plan
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on December 24, 2013, the Board of Directors recommends that Transgenomic’s shareholders vote to approve the amendments to the 2006 Equity Incentive Plan to increase the number of shares of common stock of the Company that may be issued under the 2006 Plan by 10,000,000 shares (prior to giving effect to the proposed reverse stock split) and to provide for a corresponding increase in the limits on the number of incentive stock options and awards other than options or stock appreciation rights that may be granted under the 2006 Plan. The issuance of the additional shares could have a substantial dilutive effect on the shares of Transgenomic common stock.
If you own common stock in Transgenomic Inc. 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.
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