PennantPark Investment Corp. (NASDAQ:PNNT) Investor Investigation over potential Wrongdoing

PRLog (Press Release) - Feb. 13, 2013 - An investigation on behalf of current investors in shares of PennantPark Investment Corp. (NASDAQ:PNNT) was announced over potential breaches of fiduciary duties in connection with certain statements.

Investors who are current long-term stockholder of shares of PennantPark Investment Corp. (NASDAQ:PNNT) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain PennantPark Investment officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval to authorize the future sale of shares at a price below then-current net asset values.

In the in the Proxy Statement filed by PennantPark Investment Corp. with the Securities and Exchange Commission (“SEC”) the Board of Directors recommends that PennantPark’s shareholders vote to approve the sale of shares of the Company’s common stock, during the next 12 months, at a price below the then-current net asset value per share.

According to the investigation the sale of shares below net asset values could have a negative effect on the price per share of PennantPark common stock.

PennantPark Investment Corp. reported that its Total Revenue increased from $91.74 million for the 12 months period that ended on Sept. 30, 2011 to $113.39 million for the 12 months period that ended on Sept. 30, 2012 and that its respective Net Income increased from $10.26 million to $63.35 million.

Shares of PennantPark Investment Corp. (NASDAQ:PNNT) closed on Jan. 8, 2013 art $11.06 per share.

Those who purchased shares of PennantPark Investment Corp. (NASDAQ:PNNT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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