Faruqi & Faruqi, LLP Launches An Investigation Against Ring Energy, Inc. (RNGE) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Ring Energy, Inc. (“Ring Energy” or the “Company”) (OTC BB: RNGE) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the Company’s Articles of Incorporation.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on January 11, 2013, the Board of Directors recommends that Ring Energy’s shareholders vote to approve an amendment to the Company’s Articles of Incorporation to increase the total common shares authorized from 75,000,000 to 150,000,000. The Board of Directors also recommends that shareholders approve an amendment to the Ring Energy, Inc. Long Term Incentive Plan which would increase the total shares authorized under the Plan from 2,500,000 to 5,000,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Ring Energy’s common stock.
If you own common stock in Ring Energy 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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