San Diego, CA -- (SBWIRE) -- 07/23/2012 -- An investor in shares of Firstmerit Corp (NASDAQ:FMER) filed a lawsuit against certain officers of Firstmerit Corp. over alleged breaches of fiduciary duties by agreeing to pay certain executives excessive compensation.
Investors who purchased Firstmerit Corp (NASDAQ:FMER) and currently hold those NASDAQ:FMER shares, you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that while NASDAQ:FMER shareholders suffered staggering losses in their investments during the Company's 2011 fiscal year, FerstMerit Corp paid millions in bonuses to certain of its executives in 2011.
In fact, Firstmerit Corp reported that its Net Income rose from $82.17million in 2009 to $119.56million in 2011. Furthermore, During the 2011 fiscal year, the Company's stock price decreased from an opening price of $20.00 per share on January 3, 2011 to a closing price of $15.13 per share on December 30, 2011.
At the same time the total compensation of certain top executives at Firstmerit Corp. rose significantly.
For instance, 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.
Even after shareholders of FirstMerit Corp.rejected the executive-pay plan, the Board has not publicly rescinded or otherwise modified the 2011 executive compensation, thus substantially harming the Company and its shareholders, so the plaintiff.
NASDAQ:FMER shares closed on July 20, 2012, at $16.32 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