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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or by telephone at (877) 247-4292 or (212) 983-9330.
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