San Diego, CA -- (SBWIRE) -- 12/19/2012 -- An investigation on behalf of current long term stockholders in shares of Moog Inc (NYSE:MOG.A, NYSE:MOG.B) was announced concerning potential breaches of fiduciary duties by certain directors of Moog Inc in connection with the Company’s 2008 Stock Appreciation Plan.
Investors who are current long-term stockholders in shares of Moog Inc (NYSE:MOG.A, NYSE:MOG.B), 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 directors of Moog Inc potentially breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the Company’s 2008 Stock Appreciation Plan.
In the Proxy Statement filed by Moog Inc with the Securities and Exchange Commission (“SEC”) the Board of Directors recommends that Moog’s shareholders vote to approve an amendment to the Moog Inc. 2008 Stock Appreciation Rights Plan that would increase the total number of stock appreciation rights (“SARs”) available for issuance under the Plan by 2,000,000 SARs, from 2,000,000 to 4,000,000.
According to the investigation the issuance of the additional shares could have a substantial dilutive effect on the shares of Moog Inc common stock.
Moog Inc (NYSE:MOG.A, NYSE:MOG.B) reported that its Total Revenue rose from over $2.33 billion for the 12 months period that ended on Oct. 1, 2011 to over $2.46 billion for the 12 months period that ended on Sept. 29, 2012 and that its Net Income over the respective time periods increased from $136.02 million to $152.46 million.
NYSE:MOG.A shares declined from as high as $44.84 per share in earl 2012 to as low as $34.14 per share in November 2012.
NYSE:MOG.B shares declined from as high as $44.76 in February 2012 to as low as $34.02 per share in November 2012.
The compensation of certain top officials at Moog Inc increased from 2011 to 2012. For instance the CEO’s total pay rose from over $2.38 million in 2011 to over $4.09 million in 2012 and the CFO and VP’s total compensation increased from over $2.04 million in 2011 to over $3.48 million in 2012.
Those who are current long-term stockholders in shares of Moog Inc (NYSE:MOG.A, NYSE:MOG.B), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego