An investigation for current long-term investors in shares of The Toro Company (NYSE:TTC) over potential wrongdoing by certain officers and directors of The Toro Company was announced and current long-term NYSE:TTC stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 02/04/2013 -- An investigation on behalf of current long-term stockholders of shares The Toro Company (NYSE:TTC) was announced concerning whether certain Toro Company officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of The Toro Company (NYSE:TTC), 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 Toro Company (officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the Company’s Restated Certificate of Incorporation.
In the Proxy Statement filed by The Toro Company with the Securities and Exchange Commission the Board of Directors recommends that Toro’s shareholders vote to approve an amendment to restate The Toro Company’s Certificate of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 175,000,000.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on NYSE:TTC common stock.
The Toro Company (NYSE:TTC) reported that its Total Revenue rose from over $1.52 billion for the 12 months period that ended on Oct. 31, 2009 to over $1.95 billion for the 12 months period that ended on Oct. 31, 2012 and that its Net Income for those time periods increased from $62.84 million to $129.54 million.
Since its 2 to 1 split in July 2012 shares of The Toro Company (NYSE:TTC) grew from $36.79 per share in August 2012 to as high as$45.07 per share in in December 2012.
On Jan. 30, 2013, NYSE: TTC shares closed at $44.04 per share.
Those who purchased shares of The Toro Company (NYSE:TTC), 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