An investigation for current long-term investors in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) over potential wrongdoing by certain officers and directors of Flexsteel Industries, Inc. was announced and current long-term NASDAQ:FLXS stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

San Diego, CA -- (SBWire) -- 11/06/2013 --An investigation on behalf of current long-term stockholders of shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) was announced concerning whether certain Flexsteel Industries officers and directors possibly breached their fiduciary duties in connection with certain statements.

Investors who are current long-term stockholders of shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) 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 Flexsteel Industries officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for the Company’s Long-Term Incentive Compensation Plan and Omnibus Stock Plan.

In the Proxy Statement filed by Flexsteel Industries, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Flexsteel Industries’ shareholders vote to approve the Long-Term Incentive Compensation Plan and Omnibus Stock Plan. Under each plan, up to 700,000 shares of common stock are available for distribution.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Flexsteel Industries.

Flexsteel Industries, Inc. reported that its Total Revenue rose from $326.47 million for the 12 months period that ended on June 30, 2010 to $386.19 million for the 12 months period that ended on June 30, 2013 and that its Net Income for the respective time periods increase from $10.80 million to $13.15 million.

Shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) grew from $5.20 per share in March 2009 to as high as $28.10 per share on October 30, 2013.

On November 1, 2013, NASDAQ:FLXS shares closed at $27.27 per share.

Those who purchased shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) 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