San Diego, CA -- (ReleaseWire) -- 05/23/2012 -- Another investor in NYSE: HLX shares filed a second lawsuit against members of the board of directors of Helix Energy Solutions Group Inc. over alleged breaches of fiduciary duties in connection with Helix Energy Solutions Group’s executive compensation practices.
Investors who are current long-term stockholders in shares of Helix Energy Solutions Group Inc. (NYSE:HLX), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that defendants breached their fiduciary duties owed to NYSE: HLX investors by agreeing to pay certain executives of Helix Energy Solutions Group Inc. significant raises despite a substantial Net Loss last year.
The plaintiff says that in 2010, Helix Energy Solutions' top four earners received more than $10 million between them, despite the fact that all of the major performance metrics of the Company materially decreased. The plaintiff claims that the Helix Energy Solutions Group Board’s decision to increase the CEO and top executive pay in 2010, despite Helix Energy Solutions Group’s dismal 2010 financial performance, was not in the best interests of shareholders of Helix Energy Solutions Group. The compensation for certain executives was up from last year, even though revenues were down nearly 18% and gross profits had plummeted 86 percent, so the plaintiff. While the net earnings of Helix Energy Solutions Group Inc. had a loss of over 220%, the compensation of certain top executives increased between 70 and 150 percent, so the plaintiff.
Shares of Helix Energy Solutions Group Inc. (NYSE:HLX) declined recently from over $20 in early May to under $18 per share. On May 22, 2012, NYSE:HLX shares closed at $17.83 per share.
Those who are current long-term investors in shares of Helix Energy Solutions Group Inc. (NYSE:HLX), you have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego