Jan. 08, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares of Bottomline Technologies (NASDAQ:EPAY) was announced concerning whether certain Bottomline Technologies officers and directors possibly breached their fiduciary duties in connection with certain statements.


The investigation by a law firm concerns whether certain Bottomline Technologies officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval to amend the Companys Amended and Restated Certificate of Incorporation

In the Proxy Statement filed by Bottomline Technologies with the Securities and Exchange Commission (SEC) the Board of Directors recommends that Bottomline Technologies shareholders vote to approve the amendment of Bottomline TechnologiesAmended and Restated Certificate of Incorporation to increase the number of shares of common stock from 50,000,000 to 100,000,000.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Bottomline Technologies (NASDAQ:EPAY) common stock.

Bottomline Technologies reported that its Total Revenue rose from $189.38 million for the 12 months period that ended on June 30, 2011 to $224.28 million for the 12 months period that ended on June 30, 2012. However, its Net Income for the respective time periods fell from $35.89 million to $1.71 million.

Shares of Bottomline Technologies (NASDAQ:EPAY) declined from as high as $29.35 per share in February 2012 to as low as $17.06 per share in early June 2012.

The total compensation of certain to officials at Bottomline Technologies increased significantly between its FY 2010 and 2012. For instance the President and CEOs total pay increased from over $1.63 million for the FY 2010 to over $3.07 million for the FY 2012 and the CFOs total compensation rose from over $482,000 in the FY 2010 to over $861,000 in the FY 2012.