October 12, 2012 – Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Applied Minerals, Inc. (“Applied Minerals” or the “Company”) (OTC Markets: AMNL) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval of executive compensation and an amendment to the Company’s Certificate of Incorporation.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on October 10, 2012, the Board of Directors recommends that Applied Minerals’ shareholders vote to approve an amendment to the Company’s Certificate of Incorporation to increase the total number of authorized shares from 130 million to 210 million and the total number of authorized shares of common stock from 120 million to 200 million. The issuance of the additional shares could have a severe dilutive effect on the shares of Applied Minerals common stock.
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