Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Flexsteel Industries Inc. (“Flexsteel” or the “Company”) (NasdaqGS:FLXS) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for the Company’s Long-Term Incentive Compensation Plan and Omnibus Stock Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on October 28, 2013, the Board of Directors recommends that Flexsteel’s shareholders vote to approve the Long-Term Incentive Compensation Plan and Omnibus Stock Plan. Under each plan, up to 700,000 shares of common stock are available for distribution. The issuance of the additional shares could have a substantial dilutive effect on the shares of Flexsteel common stock.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.If you own common stock in Flexsteel Industries and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/FLXS or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2013 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.