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Hercules Offshore, Inc. Investor files Lawsuit against Directors in connection with Executive Pay

An investor in shares of Hercules Offshore, Inc. (NASDAQ: HERO) filed a lawsuit against directors over alleged breaches of fiduciary duty and NASDAQ:HERO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Jun. 13, 2011 - SAN DIEGO -- An investor in shares of Hercules Offshore, Inc. (NASDAQ: HERO) filed a lawsuit against directors over alleged breaches of fiduciary duty in connection with Hercules’ executive pay.

If you are a current long term investor in Hercules Offshore, Inc. (NASDAQ HERO) stock, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges the defendants breached their fiduciary duties for agreeing to overpay its executives.

Hercules Offshore’s CEO pay rose from about $1.317million in 2009 to $2.516million in 2010 and its CFO’s compensation increased from $333,000 in 09 to $963,000 in 2010. Overall every top officer at Hercules Offshore, Inc. received a substantial increase in total compensation in 2010 compared to 2009.

Hercules Offshore’s shareholders recently expressed their disdain for executive pay packages by voting “no” on Hercules Offshore's say on pay provision. Hercules Offshore, Inc. received 59% opposition against its pay practices at its May 10 annual meeting, according to a company filing.

In fact the Hercules Offshore’s CEO compensation rose over 90% despite decreasing annual Revenue and lower stock prices

Hercules Offshore’s 12months Revenue fell from $1,111.81million in 2008 to $657.48million in 2010. For 2008 Hercules Offshore, Inc. reported a Net Loss of $1,083.39million.

Even though shares of Hercules Offshore, Inc. (NASDAQ:HERO) increased from as low as $1.16 per share in March 09 to recently $6.44 in May 2011, NASDAQ: HERO stocks had fallen before from as high as $38.31 per share in June 08.

Those who are current long term investors in Hercules Offshore, Inc. (Public, NASDAQ: HERO) stock, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio legal monitoring service and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
Location:San Diego - California - United States
Industry:Banking, Business, Finance
Tags:hero, nasdaq:hero, hercules offshore, Hercules Offshore Inc, nasdaq, executive compensation, salary
Shortcut:prlog.org/11537601
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