An investigation for current long-term investors in shares of SYSCO Corporation (NYSE:SYY) over potential wrongdoing by certain officers and directors of SYSCO was announced and current long-term NYSE:SYY stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 10/14/2013 -- An investigation on behalf of current long-term stockholders of shares of SYSCO Corporation (NYSE:SYY) was announced concerning whether certain SYSCO officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholders of shares of SYSCO Corporation (NYSE:SYY) 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 SYSCO officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for the Company’s 2013 Long-Term Incentive Plan.
In the Proxy Statement filed by SYSCO Corporation with the Securities and Exchange Commission the Board of Directors recommends that Sysco’s shareholders vote to approve the Company’s 2013 Long-Term Incentive Plan ("Plan") to issue 45,000,000 shares. As of September 17, 2013, 10,607,579 shares were available for issuance under the 2007 Stock Incentive Plan. As such, the proposed Plan would increase the total shares available for issuance by 45,000,000 to approximately 55,607,599.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of SYSCO Corporation.
SYSCO Corporation reported that its Total Revenue rose from over $39.32 billion for the 52 weeks period that ended on July 2, 2011 to over $44.41 billion for the 52 weeks period that ended on June 29, 2013. However, its Net Income over the respective time periods decreased from over $1.15 billion to $992.43 million.
Shares of SYSCO Corporation (NYSE:SYY) declined from over $36 per share in July 2013 to $31.13 per share on Oct. 8, 2013.
Those who purchased shares of SYSCO Corporation 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