May 7, 2013 (Shareholders Foundation) - An investor, who currently holds shares of Consolidated Edison, Inc. (NYSE:ED), filed a lawsuit against directors over alleged breaches of fiduciary duties.
On April 4, 2013, Consolidated Edison filed a Proxy Statements with the U.S. Securities and Exchange Commission in connection with the shareholder vote on five company proposals. The plaintiff says that the board of directors of Consolidated Edison, Inc recommends that its public stockholders vote in favor of the proposal number 3 to approve the company’s long-term incentive plan, which would increase the number of shares available for grant by the company by 5 million shares. However, the plaintiff alleges that the proposal number 3 is not fully and accurately described in the proxy statement. The plaintiff claims that the proxy statement contains several material disclosure violations regarding the reasons for, consideration and effect of the proposal number 3, including how, and at what reate, the company’s long-term incentive plan may dilute Consolidated Edison’s public stockholders.

Consolidated Edison, Inc. reported that its annual Total Revenue declined from over $11.48 billion in 2010 to over $10.97 billion in 2012.

Shares of Consolidated Edison, Inc. (NYSE:ED) grew from $41.66 per share in June 2010 to $64.90 per share in July 2012.

On May 7, 2013, NYSE:ED shares closed at $63.06 per share.