San Diego, CA -- (SBWIRE) -- 10/16/2012 -- An investigation on behalf of current long-term stockholders of shares of Applied Minerals, Inc. (PINK:AMNL) was announced concerning whether certain Applied Minerals officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of Applied Minerals, Inc. (PINK:AMNL), including those who current hold PINK:AMNL shares since years, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Applied Minerals officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval of executive compensation and an amendment to Applied Minerals’ Certificate of Incorporation.
In the Proxy Statement filed by Applied Minerals, Inc with the SEC, the Board of Directors recommends that Applied Minerals’ shareholders vote to approve an amendment to Applied Minerals’ Certificate of Incorporation to increase the total number of authorized shares from 130 million to 210 million and the total number of authorized shares of common stock from 120 million to 200 million.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Applied Minerals common stock.
Applied Minerals, Inc. (PINK:AMNL) reported that its Net Income increased from $4.77 million in 2010 to $7.48 million in 2011.
The compensation of certain to officials at Applied Minerals, Inc. (PINK:AMNL) increased between 2010 and 2011. For instance the CEO and Director’s pay rose from over $305,000 in 2010 to over $493,000 in 2011 and the Interim CFO’s compensation increased from over $126,000 in 2010 to over $195,000 in 2011.
Shares of Applied Minerals (PINK:AMNL) closed on October 15, 2012 at $1.54 per share.
Those who purchased shares of Applied Minerals, Inc. (PINK:AMNL), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego