San Diego, CA -- (SBWIRE) -- 05/15/2013 -- An investor, who currently hold NASDAQ:LULU, shares filed a lawsuit in connection with approval to amend the executive bonus plan.

Investors who are current long-term stockholders in shares of Lululemon Athletica inc. (NASDAQ:LULU), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff seeks access to the company's books and records to inspect and copy all materials in order to determine whether certain actions by the board of directors of Lululemon Athletica inc. breached their fiduciary duties.

Lululemon Athletica inc. had to recall 17 percent of its yoga pants last year when it discovered the pants were too shine. The plaintiff cited a media report from March 2013 that estimated the recall cost at approximately $60 million.

On April 3, 2013, Lululemon Athletica inc. announced that its Chief Product Officer will be leaving effective April 15, 2013.

Then on April 4, 2013, Lululemon Athletica inc. said on April 4, 2013, that “While the fabric involved may have met testing standards, it was on the low end of our tolerance scale and we have found that our testing protocols were incomplete for some of the variables in fabric characteristics. When combined with subtle style changes in pattern, the resulting end product had an unacceptable level of sheerness.”

The plaintiff says that despite a difficult financial year at Lululemon Athletica inc. the company's compensation committee approved an amendment to the Executive Bonus Plan, that boosted the maximum payout of its executive bonus plan.

The plaintiff says it tried to get the information from the company but has received no response.

Lululemon Athletica inc. reported that its Total Revenue rose from $452.90 million for the 52 weeks period that ended on Jan. 31, 2010 to over $1.37 billion for the 53 weeks period that ended on Feb. 3, 2013 and that its respective Net Income rose from $58.28 million to $270.56 million.

Shares of Lululemon Athletica inc. grew from $45.26 per share in late 2011 to $81.20 per share on May 10, 2013.

The total compensation of certain top officials at Lululemon Athletica inc. increased between 2010 and 2012. For instance the CEO’s total pay rose from over $3.47 million in 2010 to over $4.28 million in 2012 and the CFO’s total compensation increased from over $1.1 million in 2010 to over $1.64 million in 2012.

On May 14, 2013, NASDAQ:LULU shares closed at $81.10 per share.

Those who are current long-term investors in shares of Lululemon Athletica inc. (NASDAQ:LULU), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com