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Intersil Corporation Investor files Lawsuit against Directors

A lawsuit was filed by an investor in Intersil Corporation (NASDAQ:ISIL) against certain directors and officers of Intersil and other current NASDAQ: ISIL stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Aug. 31, 2011 - An investor in Intersil Corporation (NASDAQ:ISIL) shares filed a lawsuit alleging breaches of fiduciary duties by certain directors and officers of Intersil in connection with Intersil’s top executive compensation for 2010.

If you purchased shares of Intersil Corporation (NASDAQ: ISIL) and currently hold those NASDAQ: ISIL stocks, 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 that the decision to increase executive compensation in 2010 was neither in the best interest of Intersil’s shareholders, nor consistent with the Intersil Board of Director’s pay-for-performance executive compensation policy and that directors breached their fiduciary duties by approving the 2010 executive compensation.

In fact Intersil’s shareholders recently explicitly expressed their disdain for executive pay packages by voting “no” on Intersil's say on pay provision at its May 4 annual meeting.

Nevertheless, while Intersil’s financial performance is still weak its top executives’ compensation rose in recent years and directors approved the 2010 executive compensation.

Despite that Intersil Corp’s 12months Total Revenue increased from $756.97million in 2007 to $822.40million in 2010, it had to report a substantial Net Loss in 2008 of $1.026billion compared to a Net income of $140.48million in 2007. Additionally its Net Income fell from $38.56million for 2009 to $26.39million in 2010 and for the first 13weeks ending on April 1, 2011 Intersil Corporation reported a lower Net Income of $14.13million compared to $27.67million a year earlier. Even though shares of Intersil Corporation (NASDAQ:ISIL) 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 and are currently trading at roughly $10 per share.

Despite all those numbers the 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 increased from $427,000 in 2008 to $1.34million in 2010.

Those who purchased shares of Intersil Corporation (NASDAQ: ISIL) and currently hold those NASDAQ: ISIL stocks, you have certain options and you 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
City/Town:San Diego - California - United States
Industry:Banking, Business, Finance
Tags:isil, intersil, Intersil Corp, Intersil Corporation, NASDAQ: ISIL, executive compensation, salary, employee, class action
Shortcut:prlog.org/11642170
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