Shareholder files lawsuit against Quiksilver
Investor Lawsuit Against Directors Announced by Shareholders Foundation
Surfersvillage Global Surf News, 13 November, 2012 : - - The Shareholders Foundation, Inc. announces that an investor in shares of Quiksilver, Inc. filed a lawsuit against certain directors and officers of Quiksilver, Inc. over, among other things, alleged breaches of fiduciary duties and waste of corporate assets.
Investors who are current long term stockholders of Quiksilver, Inc. (ZQK) shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail @ shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that in breach of their fiduciary duties as directors of Quiksilver, Inc., the members of the Board's Compensation Committee knowingly granted restricted stock units to three Quiksilver executive officers in violation of the Company's 2000 Stock Incentive Plan.
The plaintiff says that the Quiksilver's 2000 Stock Incentive Plan allows the Compensation Committee to grant equity awards such as stock options, restricted stock and restricted stock units to executive officers, employees and directors of Quiksilver, Inc. and that the Company's 2000 Stock Incentive Plan, as approved by Quiksilver's shareholders, specifically prohibits the Compensation Committee from granting any one person more than 800,000 shares of Quiksilver common stock in any calendar year.
However, so the plaintiff, in blatant violation of this limit, in 2011, the Compensation Committee granted each of three Quiksilver executive officers equity awards for more than 800,000 shares of Quiksilver common stock. Specifically, so the lawsuit, on June 13, 2011, the Compensation Committee granted Quiksilver's President and Chief Executive Officer 2,000,000 restricted stock units and two other defendants, one the then Presidents of Quiksilver Europe and Quiksilver Americas, respectively, 1,000,000 restricted stock units each.
Those who are current long term stockholders of Quiksilver, Inc. shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. 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.
Source: Market Watch
Author: The Editors
Tags: Quiksilver, Shareholders, Stock, Lawsuits