Faruqi & Faruqi, LLP Launches An Investigation Against Ring Energy, Inc. (RNGE) For Potential Breach
Faruqi & Faruqi, LLP Launches An Investigation Against Ring Energy, Inc. (RNGE) 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 Ring Energy, Inc. ("Ring Energy" or the "Company") (OTC BB: RNGE) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment to the Company's Articles of Incorporation.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on January 11, 2013, the Board of Directors recommends that Ring Energy's shareholders vote to approve an amendment to the Company's Articles of Incorporation to increase the total common shares authorized from 75,000,000 to 150,000,000. The Board of Directors also recommends that shareholders approve an amendment to the Ring Energy, Inc. Long Term Incentive Plan which would increase the total shares authorized under the Plan from 2,500,000 to 5,000,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Ring Energy'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.
If you own common stock in Ring Energy and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/RNGE or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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