Sparton Corporation (NYSE:SPA) Investor Investigation Over Potential Breaches Of Fiduciary Duties In Connection With Eecutive Pay

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Company Name(s): 
Sparton
Affected Securities: 
NYSE: SPA

Sept. 21, 2012 (Shareholders Foundation) -- Certain officers and directors of Sparton Corporation are currently under investigation concerning whether they breached their fiduciary duties by paying certain top officials at Sparton Corporation excessive compensation.

The investigation by a law firm focuses on whether certain directors and officers of Sparton Corporation harmed the company by agreeing to pay certain of Sparton’s senior officers and executives excessive compensation.

Sparton Corporation (NYSE:SPA) reported that its Total Revenue rose from $173.98 million for the 12 months period that ended on June 30, 2010 to $223.58 million for the 12 months period that ended on June 20, 2012.

However its Total Revenue was $221.87 million for the 12 months period that ended on June 30, 2009, before it fell to from $173.98 million for the 12 months period that ended on June 30, 2010.

The compensation of certain top officials at Sparton Corporation increased significantly from the Fiscal year 2011 to its Fiscal Year 2012. For instance, the President and CEO’s total pay rose from over $735,000 in the FY 2011 to over $1.4 million in the FY 2012 and the CFO’s total compensation increased from over $355,000 in the FY 2011 to over $496,000 in the FY 2012.

Shares of Sparton Corporation (NYSE:SPA) closed on September 21, 2012, at $12.29 per share.