Urstadt Biddle Properties Inc (NYSE:UBA) Investor Investigation Announced

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Company Name(s): 
Urstadt Biddle Properties
Affected Securities: 
NYSE: UBA

February 13, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Urstadt Biddle Properties Inc (NYSE:UBA) was initiated concerning whether certain Urstadt Biddle Properties officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Urstadt Biddle Properties officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment to the Company's Restricted Stock Award Plan.

In the Proxy Statement filed by Urstadt Biddle Properties Inc with the Securities and Exchange Commission the Board of Directors recommends that Urstadt Biddle Properties Inc's shareholders vote to approve an amendment to the Plan to increase the aggregate number of shares of common stock reserved for issuance under the plan to 3,750,000 shares.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Urstadt Biddle Properties Inc.

Urstadt Biddle Properties Inc reported that its Total Revenue rose from $91.30 million for the 12 months period that ended on Oct. 31, 2012 to $94.25 million for the 12 months period that ended on Oct. 31, 2013 and that respective Net Income increased from $28.26 million to $29.80 million.

Shares of Urstadt Biddle Properties Inc (NYSE:UBA) grew from $15.86 per share in October 2011 to as high as $22.97 per share in May 2013. Since then NYSE:UBA shares declined to $18.15 per share in December 2013.

On February 13, 2014, NYSE:UBA shares closed at $19.13 per share.