Synergy Resources Corp (NYSEMKT:SYRG) Investor Investigation Over Potential Breaches Of Fiduciary Duties Announced

if you are a current long-term stockholder of shares of Synergy Resources Corp (NYSEMKT:SYRG), you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Synergy Resources
Affected Securities: 
NYSEMKT: SYRG

August 9, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Synergy Resources Corp (NYSEMKT:SYRG) was announced concerning whether certain Synergy officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Synergy Resources officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for an amendment to the Company’s Non-Qualified Stock Option Plan.

In the Proxy Statement filed by Synergy Resources Corp with the Securities and Exchange Commission the Board of Directors recommends that Synergy Resources’ shareholders vote to approve an amendment to the Company’s Non-Qualified Stock Option Plan to increase the number of shares available for issuance thereunder from 2,000,000 to 5,000,000.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NYSEMKT:SYRG common stock.

Synergy Resources Corp reported that its Total Revenue increased from $10.00 million for the 12 months period that ended on August 31, 2011 to $24.97 million for the 12 months period that ended on August 31, 2012 and that its Net Loss of $11.60 million for the 12 months period that ended on August 31, 2011 turned into a Net Income of $12.12 million for the 12 months period that ended on August 31, 2012.

Shares of Synergy Resources Corp (NYSEMKT:SYRG) grew from $2.50 per share in October 2011 to as high as $8.05 per share on August 5, 2013.