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Abaxis Inc (NASDAQ:ABAX) Investor Alert: Lawsuit seeks block Shareholder Meeting

An investor in shares of Abaxis Inc (NASDAQ:ABAX) filed a lawsuit over alleged breaches of fiduciary duties and seeks to halt the shareholder meeting. Current long-term NASDAQ:ABAX stockholders should contact the Shareholders Foundation.

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Nov. 6, 2012 - SAN DIEGO -- A current investor in shares of Abaxis Inc (NASDAQ:ABAX) filed a lawsuit against directors of Abaxis Inc over alleged violations of Abaxis’ 2005 Equity Incentive Plan. The plaintiff alleges that the defendants violated the 2005 Equity Incentive Plan by issuing more than two million restricted stock units to certain defendants and other employees of Abaxis Ince and seeks to halt the shareholder meeting scheduled for October 24, 2012.

Investors who are current long-term stockholders of shares of Abaxis Inc (NASDAQ:ABAX), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff claims that the Abaxis 2005 Equity Incentive Plan limited the number to 500,000 shares, while defendants issued more than two million restricted stock units to certain company employees. The plaintiff alleges that Abaxis Inc has sustained millions of dollars in damages while certain defendants and other employees collected millions of dollars in unlawful proceeds “as a result of ultra vires grants of hundreds of thousands of Restricted Stock Units”.

The plaintiff claims that the proxy issued for the shareholder meeting scheduled for October 24, 2012 is allegedly misleading and seeks to halt the shareholder meeting until the board of directors corrects it.

Abaxis Inc (NASDAQ:ABAX) reported that its Total Revenue rose from $143.68 million for the 12 months period that ended on March 31, 2011 to $156.60 million for the 12 months period that ended on March 31, 2012. However, its Net Income over the respective time periods fell from $14.54 million to $13.09 million.

The compensation of certain top officials at Abaxis Inc increased between its FY 2010 to 2012. For instance, the President, CEO and Chairman of the Board’s total pay rose from over $1.81 million in the FY 2010 to over $2.3 million in the FY 2012 and the CFO’s compensation increased from over $939,000 in the FY 2010 to over $1.12 million in the FY 2012.

Shares of Abaxis Inc (NASDAQ:ABAX) closed on October 15, 2012, at $36.29 per share.

Those who are current long-term stockholders of Abaxis Inc (NASDAQ:ABAX) shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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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:Business, Finance
Tags:abaxis inc., nasdaq: abax
Shortcut:prlog.org/12016619
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