An investigation for current long-term investors in shares of Pike Electric Corporation (NYSE:PIKE) over potential wrongdoing by certain officers and directors of Pike Electric Corporation was announced and current long-term NYSE:PIKE stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 09/25/2013 -- An investigation on behalf of current long-term stockholders of shares of Pike Electric Corporation (NYSE:PIKE) was announced concerning whether certain Pike Electric officers and directors possibly breached their fiduciary duties.
Investors who are current long-term stockholders of shares of Pike Electric Corporation (NYSE:PIKE) 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 Pike Electric Corporation (NYSE:PIKE officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for a Plan of Merger between the Company and its subsidiary Pike Corporation, as well as a reincorporation of the Company to North Carolina.
In the Proxy Statement filed by Pike Electric Corporation with the Securities and Exchange Commission the Board of Directors recommends that Pike’s shareholders vote to approve an amendment to consider and vote on a proposal to adopt an Agreement and Plan of Merger, dated as of September 16, 2013, between the Company and Pike Corporation, a North Carolina corporation and a wholly-owned subsidiary of the Company, by which the Company would effect the reincorporation of the Company from Delaware to North Carolina.
Pike Electric Corporation reported that its Total Revenue rose from $504.08 million for the 12 months period that ended on June 30, 2010 to $918.69 million for the 12 months period that ended on June 30, 2013 and that its Net Loss of $13.46 million for the 12 months period that ended on June 30, 2010, turned into a Net Income of $36.19 million for the 12 months period that ended on June 30, 2013.
Shares of Pike Electric Corporation (NYSE:PIKE) grew from $6.28 per share in November 2011 to as high as $15.68 per share May 2013.
On September 19, 2013, NYSE: PIKE shares closed at $11.11 per share.
Those who purchased shares of Pike Electric Corporation (NYSE:PIKE) 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