Whitney Holding Corp. Investor Investigation Concerning Executive Compensation

If you currently hold Whitney Holding Corp. (NASDAQ:WTNY) you have certain options and you should contact the Shareholders Foundation, Inc immediately.

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Company Name(s): 
Whitney Holding Corporation
Affected Securities: 

An investigation on behalf of current investors of Whitney Holding Corp. (Public, NASDAQ: WTNY) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.

According to the investigation by a law firm the investigation focuses on possible claims that certain Whitney Holding’s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007. Whitney Holding Corporation is a bank holding company. Whitney Holding Corporation is the parent of Whitney National Bank. Whitney National Bank is a national banking association. Whitney Holding Corporation, through the Whitney National Bank, engages in community banking activities and serves a market area that covers the five-state Gulf Coast region stretching from Houston, Texas, across southern Louisiana and the coastal region of Mississippi, to central and south Alabama, the western panhandle of Florida, and to the Tampa Bay metropolitan area of Florida. Certain senior officers at Whitney Holding Corp., were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that was, so the investigation, excessive or unwarranted based on Whitney Holding’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Whitney Holding Corp. is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow Whitney Holding Corp. (Public, NASDAQ: WTNY) stockholders to influence or control future compensation decisions at Whitney Holding Corp. Whitney Holding Corporation is located in New Orleans, LA and had $12billion in total assets with a net income of $58million in 2008. The shares of Whitney Holding Corp. (NASDAQ: WTNY) traded recently at $12.08 per share, down from almost $30 in September 2008.