Faruqi & Faruqi, LLP Launches An Investigation Against PennantPark Investment Corporation (PNNT) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of PennantPark Investment Corporation ("PennantPark" or the "Company") (NasdaqGS: PNNT) for potential breaches of 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.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on December 7, 2012, 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. The sale of shares below net asset values could have a negative effect on the price per share of PennantPark 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.
If you own common stock in PennantPark and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PNNT or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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Attn: Juan E. Monteverde, Esq.
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