October 7, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA) was announced concerning whether certain Biota Pharmaceuticals officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Biota Pharmaceuticals officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment of the Companys 2007 Omnibus Equity and Incentive Plan.

In the Proxy Statement filed by Biota Pharmaceuticals with the Securities and Exchange Commission the Board of Directors recommends that Biota Pharmaceuticals shareholders vote to approve an amendment to the Companys 2007 Omnibus Equity and Incentive Plan to increase the number of shares available for issuance thereunder from 1,157,978 to 4,157,978.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Biota Pharmaceuticals.

Biota Pharmaceuticals Inc reported that its Total Revenue rose from $14.84 million for the 12 months period that ended on Dec. 31, 2011 to $33.60 million for the 12 months period that ended on June 30, 2013, while its respective Net Loss increased from $4.53 million to $8.70 million.

Shares of Biota Pharmaceuticals Inc (NASDAQ:BOTA0 closed on Oct. 4, 2013, at $4.12 per share.