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 Powell Industries, Inc. (“Powell” or the “Company”) (NasdaqGS:POWL) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for the 2014 Equity Incentive Plan and the 2014 Non-Employee Director Equity Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on January 8, 2013, the Board of Directors recommends that Powell’s shareholders vote to approve an amendment to authorize 750,000 shares for future issuance under the 2014 Equity Incentive Plan and also authorize the issuance of 150,000 shares under the 2014 Director Plan. The issuance of the additional shares could have a substantial dilutive effect on the shares of Powell 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 Powell and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/POWL or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2014 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.