Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Magnum Hunter Resources Corp. (“Magnum Hunter” or the “Company”) (NYSE: MHR) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval of 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 November 28, 2012, the Board of Directors recommends that Magnum Hunter’s shareholders vote to approve an amendment to Magnum Hunter’s Certificate of Incorporation to increase the number of authorized shares of common stock to 350,000,000. Furthermore, the Company recommends that shareholders vote for an amendment to Magnum Hunter's Certificate of Incorporation to increase the authorized number of shares of preferred stock to 15,000,000, as well as for an amendment of Magnum Hunter's Amended and Restated Stock Incentive Plan to increase the number of shares issuable under the plan to 27,500,000.
The issuance of the additional shares could have a severe dilutive effect on the shares of Magnum Hunter’s common stock.
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