Symmetricom, Inc. (NASDAQ:SYMM) InvestorInvestigation Over Potential Breaches Of Fiduciary Duties In Connection With Its Executive Pay Practice

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Company Name(s): 
Symmetricom
Affected Securities: 
NASDAQ: SYMM

Sept. 28, 2012 (Shareholders Foundation) -- Certain officers and directors of Symmetricom, Inc. are currently under investigation concerning whether they breached their fiduciary duties by paying certain top officials at Symmetricom, Inc. excessive compensation.

The investigation by a law firm focuses on whether certain directors and officers of Symmetricom, Inc. harmed the company by agreeing to pay certain of Symmetricom’s senior officers and executives excessive compensation. Specifically, so the investigation, the Board of Directors recommends that the shareholders vote for the approval of the amendment to the Company’s 2006 Incentive Award Plan to authorize issuance of an additional 2,000,000 shares of common stock and the issuance of the additional shares could have a severe dilutive effect on the shares of Symmetricom’s common stock.

Symmetricom, Inc. (NASDAQ:SYMM) reported that its Total Revenue rose from $208.15 million for the 12 months period that ended on July 3, 2011 to $237.72 million for the 12 months period that ended on July 1, 2012 and its Net Income over the respective time periods increased from $1.17 million to $11.36 million.

Shares of Symmetricom, Inc. (NASDAQ:SYMM) grew from as low as $2.77 per share to as high as $7.31 per share. However in 2011 NASDAQ:SYMM shares fell to as low as $4.19 per share in October.

The compensation of certain top officals at Symmetricom, Inc. increased between its Fiscal Year 2011 and 2012. For instance its CEO’s pay rose from over $1.59 million in 2011 to over $1.7 million and the CFO’s compensation increased from over $578,000 in 2011 to over $659,000 in 2012.