An investigation for current long-term investors in shares of Cardica, Inc. (NASDAQ:CRDC) over potential wrongdoing by certain officers and directors of Cardica was announced and current long-term NASDAQ:CRDC stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/09/2013 -- An investigation on behalf of current long-term stockholders of shares of Cardica, Inc. (NASDAQ:CRDC) was announced concerning whether certain Cardica officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholders of shares of Cardica, Inc. (NASDAQ:CRDC) 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 Cardica officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment of the Company’s 2005 Equity Incentive Plan.
In the Proxy Statement filed by Cardica, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Cardica’s shareholders vote to approve an amendment to the Company’s 2005 Equity Incentive Plan to increase the number of shares available for issuance thereunder from 5,400,000 to 6,400,000.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Cardica, Inc.
Cardica, Inc. reported that its Total Revenue declined from $3.68 million for the 12 months period that ended on June 30, 2012 to $3.50 million for the 12 months period that ended on June 30, 2013 and that its respective Net Loss increased from $13.57 million to $16.14 million.
Shares of Cardica, Inc. (NASDAQ:CRDC) declined from $5.10 per share in early 2011 to as low as $0.69 per share in late 2013.
On Oct. 7, 2013, NASDAQ:CRDC shares closed at $1.19 per share.
Those who purchased shares of Cardica, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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