Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Heelys, Inc. (“Heelys” or the “Company”) (NasdaqCM: HLYS) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval of a Plan of Dissolution for the Company and its assets.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on November 16, 2012, the Board of Directors recommends that Heelys’ shareholders vote to approve the sale of substantially all of the assets of the Company and its subsidiaries. The Proxy Statement recommends that shareholders approve an amendment to the Company’s Certificate of Incorporation to change Heelys’ corporate name to “HLYS Liquidation Company, Inc.,” and approve Plan of Liquidation and Dissolution pursuant to which the Company will be liquidated, wound up and dissolved.
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