An investigation for current long-term investors in shares of Advanced Photonix, Inc. (NYSEMKT:API) over potential wrongdoing by certain officers and directors of Advanced Photonix, Inc. was announced and current long-term NYSEMKT:API stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 07/15/2013 -- An investigation on behalf of current long-term stockholders of shares of Advanced Photonix, Inc. (NYSEMKT:API) was announced concerning whether certain Advanced Photonix, officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of Advanced Photonix, Inc. (NYSEMKT:API) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Advanced Photonix officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for adopting the Company’s 2013 Equity Incentive Plan.
In the Proxy Statement filed by Advanced Photonix, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Advanced Photonix’s shareholders vote to approve the Company’s 2013 Equity Incentive Plan which would authorize 3,000,000 shares for issuance.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NYSEMKT:API common stock.
Advanced Photonix, Inc. reported that its Total Revenue declined from $29.50 million for the 52 weeks period that ended on March 31, 2012, to $23.65 million for the 52 weeks period that ended on March 31, 2013 and that its respective Net Loss increased from $2.11 million to $4.39 million.
Shares of Advanced Photonix, Inc. (NYSEMKT:API) declined from $2.50 per share in February 2011 to as low as $0.397 per share in late December 2012.
On July 12, 2013, NYSEMKT:API shares closed at $0.528 per share.
Those who purchased shares of Advanced Photonix, Inc. (NYSEMKT:API) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com