San Diego, CA -- (SBWIRE) -- 06/10/2013 -- An investigation on behalf of current long-term stockholders of shares of TrovaGene Inc (NASDAQ:TROV) was announced concerning whether certain TrovaGene officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of TrovaGene Inc (NASDAQ:TROV), 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 TrovaGene officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the 2004 Stock Option Plan.
In the Proxy Statement filed by TrovaGene Inc with the Securities and Exchange Commissionthe Board of Directors recommends that TrovaGene’s shareholders vote to approve an amendment to increase the number of shares issuable pursuant to the 2004 Stock Plan to 6,000,000 shares from 3,666,667 shares
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:TROV common stock.
TrovaGene Inc reported that its annual Total Revenue declined from $0.27 million in 2010 to $0.26 million in 2011 and that its Net Loss declined from $5.45 million in 2010 to $2.24 million in 2011.
Shares of TrovaGene Inc (NASDAQ:TROV) grew from $2.16 per share in August 2012 to as high as $8.77 per share in January 2013.
On June 7, 2013, NASDAQ:TROV shares closed at $6.42 per share.
Those who purchased shares of TrovaGene Inc (NASDAQ:TROV), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego