Energy Focus Inc (OTCMKTS:EFOI) Investor Investigation Over Possible Wrongdoing Announced

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Company Name(s): 
Energy Focus
Affected Securities: 

August 27, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Energy Focus Inc (OTCMKTS:EFOI) was announced concerning whether certain Energy Focus Inc officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Energy Focus officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval of the Company’s 2013 Incentive Stock Plan.

In the Proxy Statement filed by Energy Focus Inc with the Securities and Exchange Commission the Board of Directors recommends that Energy Focus’ shareholders vote to approve the Company’s 2013 Incentive Stock Plan to make 10,000,000 shares available thereunder.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Energy Focus Inc.

Energy Focus Inc (OTCMKTS:EFOI0 reported that its annual Total Revenue increased from $25.75 million in 2011 to $29.84 million in 2012 and that its respective Net Loss declined from $6.05 million to $5.71 million.

Shares of Energy Focus Inc (OTCMKTS:EFOI) declined from $1.11 per share in March 2011 to as low as $0.156 per share in late 2012.

On August 27, 2013, shares of Energy Focus Inc closed at $0.37 per share.