Micron Being Investigated For Breaches Of Fiduciary Duties
The Board of Directors of Micron Technology Inc. is being investigated for potential breaches of fiduciary duties.
These are in connection with their conduct in seeking shareholders' approval for an Amended and Restated 2004 Equity Incentive Plan.
The firm conducting the investigation into the Proxy Statement filed by the company with the SEC on December 13th, 2012, is Faruqi & Faruqi, LLP. This is a national securities firm headquartered in New York City.
Specifically, the Board of Directors recommended that Micron's shareholders vote to approve the Amended and Restated 2004 Equity Incentive Plan which would increase the shares reserved for issuance by 30,000,000.
Faruqi & Faruqi says the issuance of the additional shares could have a substantial dilutive effect on the shares of Micron common stock.
