A lawsuit was filed by an investor in NYSE:DV shares against the directors of DeVry Inc. and current long-term NYSE:DV stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 11/07/2012 -- An investor in shares of DeVry Inc. (NYSE:DV) filed a lawsuit against the directors of DeVry Inc. in connection with the stock options DeVry Inc. gave to its CEO.
Investors who are current long term stockholders of shares of DeVry Inc. (NYSE:DV), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties by agreeing to give the CEO of DeVry Inc. more stock options than its shareholders agreed to. The plaintiff says that the defendants exceeded their authority under DeVry s shareholder-approved Incentive Plan of 2005 by granting the Company's Chief Executive Officer and a director stock options in excess of the 150,000 stock options permitted to be granted to any individual participant in one calendar year under the Incentive Plan. The plaintiff claims that in 2010, 2011, and 2012, the board of directors granted the CEO of Devry184,100, 170,200, and 255,425 stock options, respectively, pursuant to the Incentive Plan of 2005, thereby exceeding the 150,000 per-year limit each year.
DeVry Inc. (NYSE:DV) reported that its Total Revenue fell from over $2.18 billion for the 12 months period that ended on June 30, 2011 to over $2.08 billion for the 12 months period that ended on June 30, 2012 and its Net Income over the respective time periods declined from $330.40 million to $141.56 million.
Shares of DeVry Inc. (NYSE:DV) declined from as high as $65.99 per share in July 2011 to as low as $18.35 per share in early August 2012.
On November 6, 2012, NYSE:DV shares closed at $26.80 per share.
Those who are current long term stockholders of shares of DeVry Inc. (NYSE:DV), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego