Intersil Corporation under Former Employee Investigation

July 19, 2011 - PRLog -- An investigation on behalf of former and current employees of Intersil Corporation, who are or were participants or beneficiaries of the Intersil employee company stock option plan and/or currently hold NASDAQ- ISIL stock over possible breaches of fiduciary duties in connection with Intersil’s executive compensation practices was announced.

If you are a former and current employees of Intersil Corporation, who are or were participants or beneficiaries of the Intersil Corp. employee pension plan and currently hold Intersil Corporation  stock, and/or have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible breaches of fiduciary duties related to potential excessive compensation that was awarded to certain senior officers and executives at H Intersil Corporation based upon its current operating condition and that was improper compared to what senior officers and executives at comparable companies were making.

Intersil’s CEO total compensation rose from $3.16million in 2008 and 2008 to $4.44million in 2010 and the Senior Vice President and CFO’s pay rose from $427,000 in 2008 to $1.34million in 2010.

However, Intersil’s shareholders recently expressed their disdain for executive pay packages by voting “no” on Intersil's say on pay provision at its May 4 annual meeting, according to a company filing.

The investigation concerns possible claims that the prior compensation awarded at Intersil Corporation is improper based upon its current operating condition.

While Intersil Corp’s 12months Total Revenue increased from $756.97million in 2007 to $822.40million in 2010, it reported a substantial Net Loss in 2008 of $1.026billion compared to a Net income of $140.48million in 2007, $38.56million for 2009 and $26.39million in 2010. For the first 13weeks ending on April 1, 2011 Intersil Corporation reported a Net Income of $14.13million compared to $27.67million a year earlier.

Even though shares of Intersil Corporation  increased from as low as $7.92 per share in December 2008 to slightly over $15 per share in May 2011, NASDAQ- ISIL stock dropped from as high as $33.48 in 07, respectively $$28.15 per share in ’08.

Former (or current) employees of Intersil Corp., who currently hold stocks of Intersil Corporation , may be eligible to file a complaint against certain directors and officers, so the investigation.

Those who are former and current employees of Intersil Corporation, who are or were participants or beneficiaries of the Intersil employee pension plan and currently hold Intersil (Public, NASDAQ- ISIL stock, and/or those who have any information relating the investigation, 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 monitoring and settlement claim filing 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 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.