Mar. 1, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares of API Technologies Corp (NASDAQ:ATNY) was announced concerning whether certain API Technologies officers and directors possibly breached their fiduciary duties.

The investigation by a law firm concerns whether certain API Technologies officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an advisory vote on executive compensation.

In the Proxy Statement filed by API Technologies with the Securities and Exchange Commission the Board of Directors recommends that NASDAQ:ATNY shareholders vote to approve an advisory vote on executive compensation.

API Technologies Corp (NASDAQ:ATNY) reported that its Total Revenue rose from $108.28 million for the 12months period that ended on May 31, 2011 to $280.82 million for the 12 months period that ended on Nov. 30, 2012. However, its Net Loss over the respective time periods increased from a Net Loss of $26.31 million to $148.70 million.

Shares of API Technologies Corp (NASDAQ:ATNY) declined from as high as $7.85 per share in March 2011 to as low as $2.43 per share in November 2012.

On March 1, 2013, NASDAQ:ATNY shares closed at $2.62 per share.