What was this news on API doing on UQM news board?? June 3rd 2013
This was bad news for UQM about API, that hurt UQM stock movement came out on June 3rd 2013. As far as I can see I don't see any correlation between the two stocks.
Faruqi & Faruqi, LLP Launches An Investigation Against Advanced Photonix Inc. (API) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors Business Wire(Wed, Jul 3)
They posted the wrong release. Here's part of the one for the Q:
NEW YORK--(BUSINESS WIRE)--July 03, 2013--
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of UQM Technologies, Inc. ("UQM" or the "Company") (NYSE MKT: UQM) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment of the Company's 2012 Equity Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on June 21, 2013, the Board of Directors recommends that UQM's shareholders vote to approve an amendment to the Company's 2012 Equity Incentive Plan to increase the number of shares available for issuance from 1,100,000 to 2,100,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of UQM common stock.
How they could possibly prevail in something like this is beyond me. Clearly a shakedown suit. I hope we take it to them. With luck, they'll be sanctioned as well. It should certainly be a topic for discussion (and putting to bed) on the upcoming conference calls.
Do a search for Faruqi *& Faruqi Shakedown to see the entirety of the article from whence this snippet originates:
Lawyers from defense firms, however, have taken note that while settlements have provided additional disclosures and legal fees for Faruqi, they have netted no cash for shareholders.
"It's a shakedown for a quick buck," said Boris Feldman, a lawyer at Wilson Sonsini Goodrich & Rosati who is defending a case against cancer radiation company Accuray Inc.
Mark Chandler, the general counsel of Cisco Systems Inc , which faced a lawsuit that was later dropped, said the practice is a "new cottage industry for plaintiffs' lawyers." Cisco makes sure its proxy disclosures are thorough, he said.
Monteverde, the partner at Faruqi, declined to comment on the criticism.