San Diego, CA -- (SBWIRE) -- 04/25/2012 -- An investigation on behalf of current long-term investors in shares of Firstmerit Corp (NASDAQ:FMER) was initiated concerning whether certain officers and directors of Firstmerit breached their fiduciary duties by paying certain executives excessive compensation.
Investors who purchased Firstmerit Corp (NASDAQ:FMER) and currently hold those NASDAQ:FMER shares, have certain options and should contact the Shareholders Foundation, Inc by email at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
The investigation by a law firm focuses on whether certain directors and officers of Firstmerit Corp (harmed the company by agreeing to pay certain of Firstmerit’ senior officers and executives excessive compensation in past years.
Firstmerit Corp (NASDAQ:FMER) reported that its Net Income rose from $82.17million in 2009 to $119.56million in 2011.
The total compensation of certain top executives at Firstmerit Corp. rose significantly. Its Chairman, President, and CEO’s pay rose from over $5.51million in 2010 to over $6.36million in 2011, its CFO’s compensation rose from over $1.34million in 2009 to over $1.7million in 2011, the Exec. VP – Commcerial Banking -’s compensation rose from over $600,000 in 2009 to over $1.03million in 2011 and the Chief Information Officer’s pay rose from over $700,000 in 2009 to over $1.16million in 2011.
However shares of Firstmerit Corp (NASDAQ:FMER) fell from over $24.40 per share on April 23, 2010 to as low as $1031 on Sept. 22, 2011. Additionally, Firstmerit’s Net Income in 2011 was only slightly higher than its Net Income in 2008.
Despite that the compensation of certain top executives was significantly higher in 2011 than in 2008. For instance, the CEO received total compensation of over $4.62million in 2008 and over $6.36million in 2011, and the CFO received total compensation in 2008 of over $1.19million and in 2011 over $1.7million.
Meanwhile shareholders of FirstMerit Corp. recently rejected the executive-pay plan.
NASDAQ:FMER shares closed on April 24, 2012 at $16.46 per share.
Those who purchased Firstmerit Corp (NASDAQ:FMER) and currently hold those NASDAQ:FMER shares have certain options and should contact the Shareholders Foundation..
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego