An investigation for current long-term investors in shares of Palatin Technologies, Inc. (NYSEMKT:PTN) over potential wrongdoing by certain officers and directors of Palatin Technologies was announced and current long-term NYSE:PTN stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 06/11/2013 -- An investigation on behalf of current long-term stockholders of shares of Palatin Technologies, Inc. (NYSEMKT:PTN) was announced concerning whether certain Palatin Technologies, officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of Palatin Technologies, Inc. (NYSEMKT:PTN), 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 Palatin Technologies, officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an increase in the common stock available for issuance under the 2011 Stock Incentive Plan.
In the Proxy Statement filed by Palatin Technologies, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Palatin Technologies’ shareholders vote to approve an amendment to increase the common stock available for issuance under the Company’s 2011 Stock Incentive Plan from 3,500,000 to 7,000,000 shares.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NYSEMKT:PTN common stock.
Palatin Technologies, Inc. reported that its Total Revenue declined from $1.48 million for the 12 months period that ended on June 30, 2011 to $0.07 million for the 12 months period that ended on June 30, 2012 and that its respective Net Loss increased from $12.82 million to $17.25 million.
Shares of Palatin Technologies, Inc. (NYSEMKT:PTN) declined from $1.27 per share in early 2011 to as $0.402 in late 2011, $0.445 in mid 2012.
On June 10, 2013, NYSEMKT:PTN shares closed at $0.60 per share.
Those who purchased shares of Palatin Technologies, Inc. (NYSEMKT:PTN), 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