NYSE:GBX Investor Investigation over possible Wrongdoing at the Greenbrier Companies
The Shareholders Foundation announces that an investigation on behalf of current long term stockholders in shares of The Greenbrier Companies (NYSE:GBX) was launched concerning potential breaches of fiduciary duties by certain directors of The Greenbrier Companies in connection with the Company’s 2010 Amended and Restated Stock Incentive Plan.
Investors who are current long-term stockholders in shares of The Greenbrier Companies (NYSE:GBX), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain directors potentially breached their fiduciary duties in connection with their conduct in seeking shareholders’ approval of an amendment to the Company’s 2010 Amended and Restated Stock Incentive Plan. In the Proxy Statement filed by Greenbrier Companies with the Securities and Exchange Commission in November 2012, the Board of Directors of Greenbrier Companies recommends that Greenbrier’s shareholders vote to approve amendments to Greenbrier’s 2010 Amended and Restated Stock Incentive Plan to (a) increase the total number of shares of the Company’s Common Stock available for issuance under the Plan by 1,500,000 shares, from 2,825,000 to 4,325,000 and (b) increase the dollar value of the annual automatic non-employee director restricted stock grants from $60,000 to $80,000. According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Greenbrier’s common stock.
The Greenbrier Companies (NYSE:GBX) reported that its Total Revenue increased from $756.28 million for the 12 months period that ended on August 31, 2010 to over $1.8 billion for the 12 months period that ended on August 31, 2012 and its Net Income rose over the respective time periods from $4.28 million to $58.71 million.
Shares of The Greenbrier Companies (NYSE:GBX) grew from as low as $1.93 per share in March 2009 to as high as $28.72 per share in early 2011.
The total compensation of certain top officials at The Greenbrier Companies increased significantly between 2010 and 2012. For instance the president and CEO’s total compensation rose from over $818,000 in 2010 to over $3.81 million in 2012 and the executive VP and CFO’s total pay increased from over $446,000 in 2010 to over $1.21 million in 2012.
Shares of the Greenbrier Companies (NYSE:GBX) closed on December 4, 2012, at $19.38 per share.
Those who are current long-term stockholders in shares of The Greenbrier Companies (NYSE:GBX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego