Faruqi & Faruqi, LLP Launches An Investigation Against Symmetricom Inc. (SYMM) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors In The Manner It Seeks Executive Compensation Approval
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Symmetricom Inc. ("Symmetricom" or the "Company") (NAS: SYMM) for potential breaches of fiduciary duties in connection with their conduct of seeking shareholders' approval of executive compensation and an amendment to the Company's Incentive Award Plan. Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on September 26, 2012, the Board of Directors recommends that the shareholders vote for the approval of the amendment to the Company's 2006 Incentive Award Plan to authorize issuance of an additional 2,000,000 shares of common stock. The issuance of the additional shares could have a severe dilutive effect on the shares of Symmetricom's common stock.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
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