PRLog - June 13, 2011 - SAN DIEGO -- An investigation on behalf of current long term investors in shares of Shuffle Master, Inc. (NASDAQ: SHFL) concerning possible breaches of fiduciary duties related to potential excessive compensation that was awarded to certain senior officers and executives at Shuffle Master, Inc. was announced.
If you are a current long term investor in Shuffle Master, Inc. (NASDAQ: SHFL) stock and/or if you have any information relating the investigation including whistleblowers and former employees, you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether the directors and officers of Shuffle Master harmed the company by breaching their fiduciary duties to shareholders. In particular the investigation on behalf of current long term investors in Shuffle Master (NASDAQ SHFL) focuses on possible shareholder claims that certain of Shuffle Master’s senior officers and executive were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years.
Shuffle Master’s CEO, Executive Vice President and Chief Operating Officer pay rose from roughly $603,000 in 2008 to $694,000in 2010, the Executive Vice President, CFO and Secretary’s pay increased from about $145,000 in 08 to $519,000 in 2010, and the former CEO Timothy Parrott eared $1,01million in 2010 compared to roughly $863,000 in 2009.
However, Shuffle Master’s shareholders recently expressed their disdain for executive pay packages by voting “no” on Shuffle Master's say on pay provision. Shuffle Master Inc received only 44.1% support for its pay practices at its March 17 annual meeting, according to a company filing.
The investigation concerns possible claims that the prior compensation awarded at Shuffle Master, Inc. is improper based upon its current operating condition.
Even though shares of Shuffle Master, Inc. (Public, NASDAQ: SHFL) rose from as low as $2.77 per share in March 09 to over $11 in April and May 2011 its shares decreased from as high as $39.59 per share during 06 and as high as $27.21 per share in 07.
The investigation seeks to determine whether certain senior officers and executives at Shuffle Master, Inc. were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’
Finally the investigation focuses also on possible shareholder claims that would allow Shuffle Master (NASDAQ:SHFL)
Those who are current long term investors in Shuffle Master, Inc. (Public, NASDAQ:SHFL)
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