An investigation for current long-term investors in shares of MEI Pharma Inc (NASDAQ:MEIP) over potential wrongdoing by certain officers and directors of MEI Pharma Inc was announced and current long-term NASDAQ:MEIP stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 02/11/2013 -- An investigation on behalf of current long-term stockholders of shares of MEI Pharma Inc (NASDAQ:MEIP) was announced concerning whether certain MEI Pharma officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of MEI Pharma Inc (NASDAQ:MEIP), 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 MEI Pharma officers and directors breached their fiduciary duties in connection with the proposed vote scheduled for March 26, 2013 to approve the Amended and Restated MEI Pharma Inc (NASDAQ:MEIP) 2008 Stock Omnibus Equity Compensation Plan to increase the number of shares of common stock that may be subject to awards under the plan from 416,666 to 2,186,000 and to increase the number of shares of common stock that may be subject to awards granted to any individual in any calendar year from 66,666 to 400,000.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:MEIP common stock.
MEI Pharma Inc (NASDAQ:MEIP) reported that its Net Loss increased from $6.78 million for the 12 months period that ended on June 30, 2011 to $7.52 million for the 12 months period that ended on June 30, 2012.
Since its 1:6 split on Dec. 19, 2012 shares of MEI Pharma Inc (NASDAQ:MEIP) declined from as high $7.74 per share on December 20, 2012 to as low as $5.00 per share on Jan. 31, 2013.
On Feb. 8, 2013, NASDAQ:MEIP shares closed at $5.10 per share, which is less than half of its adjusted 52 week High.
Those who purchased shares of MEI Pharma Inc (NASDAQ:MEIP), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com