Faruqi & Faruqi, LLP Launches An Investigation Against China Armco Metals, Inc. (CNAM) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Jun 4, 2013 19:00:00 (ET)
NEW YORK, Jun 04, 2013 (BUSINESS WIRE) -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of China Armco Metals, Inc. ("China Armco" or the "Company") (nyse mkt:CNAM) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for a second amendment to the 2009 Stock Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on May 21, 2013, the Board of Directors recommends that China Armco's shareholders vote to approve an amendment to the Amended and Restated 2009 Stock Incentive Plan to increase the shares of China Armco common stock available for issuance thereunder by 3,000,000 shares. The issuance of the additional shares could have a substantial dilutive effect on the shares of China Armco common stock.
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