SYNNEX Corporation (NYSE:SNX) Investor Investigation Over Possible Wrongdoing at Synnex announced

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Mar 4, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares SYNNEX Corporation (NYSE:SNX) was announced concerning whether certain SYNNEX officers and directors possibly breached their fiduciary duties.

The investigation by a law firm concerns whether certain SYNNEX officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval for SYNNEX’ 2013 Stock Incentive Plan.

In the Proxy Statement filed by SYNNEX Corporation with the Securities and Exchange Commission the Board of Directors recommends that SYNNEX shareholders vote to approve the Company’s 2013 Stock Incentive Plan. 1,696,409 shares would be subject to the 2013 Plan. The proxy also recommends that shareholders approve an advisory vote on Executive Compensation.

SYNNEX Corporation (NYSE:SNX) reported that its Total Revenue declined from $10.4 billion for the 12 months period that ended on Nov. 30, 2011 to $10.28 billion for the 12 months period that ended on Nov. 30, 2012 and that its respective Net Income increased from $150.33 million to $151.38 million.

Shares of SYNNEX Corporation (NYSE:SNX) traded in 2011 as high as $36.18 per share and in 2012 as high as $42.77 per share.

On March 4, 2013, NYSE:SNX shares closed at $38.12 per share.