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Procera Networks, Inc. Message Board

  • du4sloop du4sloop Apr 19, 2013 8:49 PM Flag

    The reason for Huebners resignation.

    PKT: Faruqi & Faruqi, LLP Launches an Investigation against Procera Networks, Inc. (PKT) for Potential Breaches of Fiduciary Duties by Its Board of Directors - Business Wire

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    • They didn't breach their fiduciary responsibility by trying to amend something via a proxy vote. This is ridiculous.

    • I don't think this has anything to do with her resignation. Does anyone have a legit reason as to why she resigned? I am concerned about this. Consider this: she did NOT resign from the BOD of Blucora. I just checked their SEC filings, no resignation and she is on the Preliminary Proxy as a nominee for another year. So if this was indeed a personal reason such as health, you would think she would have resigned from that Board as well. I just don't get bringing someone in and then they quit 6 months later. Was she brought in to try to sell the company for $35, and now that the stock is at $10, and with a 0% chance of getting anything close to that price anytime soon, there was no need for her any longer?

      Perplexed about this perplexing stock. Concerned about this, concerned about absolutely NO news in a couple of months now, and concerned about rising short interest and hemorrhaging stock price.

    • If you go to their site you will see lots of investigations initiated recently. Looks like they go after things involving Incentive Plans. This is most likely nothing, but worries me why they need 500,000 more share to hand as Incentive. Of course the way this stock is right now, I am sure even the slighted tone of ANYTHING negative will continue the sell off. Bottom still does not appear to be close to in.

      • 2 Replies to pkarnett83
      • My understanding is that she was the one that pushed for this quiet period that began 2 weeks after the last earnings announcement and lasts until May 2. This basically means that Procera couldn't make any announcements including contract wins during this time frame since they wouldn't be considered "material". This became a bone of contention within the board and she resigned.

      • PK - I agree, sounds like ambulance chasing to me and it's the last thing we need at this time. Unfortunately, Procera might be a good target for this type of action because of the combination of poor share price performance and the unhappy shareholder mindset that results from that. I don't know how quiet period rules apply here but I would sure like for the company to be able to respond to the implied claims in a timely manner.

    • Main Text:

      NEW YORK--(BUSINESS WIRE)--

      Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Procera Networks, Inc. (“Procera” or the “Company”) - ref to Procera stock symbol - for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the Company’s 2007 Incentive Plan.

      Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on April 15, 2013, the Board of Directors recommends that Procera’s shareholders vote to approve an amendment to the Company’s 2007 Incentive Plan which would increase the number of shares of common stock available for issuance by 500,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Procera common stock.

    • Based on the limited information that was provided, it's difficult to determine whether this investigation has real substance to it or they are going after some subtle technicalities. It reminds me of all the adds that appear on TV that offer legal support to anyone who ever took an aspirin and developed a cold many years later (being somewhat facetious in my example). Either way, I cringe to think of the potential impact on share price on Monday morning.

 
PKT
6.74+0.08(+1.20%)Nov 21 4:00 PMEST

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