Investigation Overview
An investigation on behalf of current investors of Furniture Brands International, Inc. (Public, NYSE:FBN) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.
According to the investigation by a law firm the investigation focuses on possible claims that certain Furniture Brands senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007. Furniture Brands International, Inc. is a holding company. Through its subsidiaries, it is engaged in the business of designing, manufacturing, sourcing, and retailing home furnishings. It markets through a range of retail channels, from mass merchant stores to single-branded and independent dealers to specialized interior designers. Certain senior officers at Furniture Brands International, Inc., were awarded salaries, bonuses, stock options and other forms of long-term, incentive or retirement compensation that was, so the investigation, excessive or unwarranted based on Furniture Brands Internationals performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Furniture Brands is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow Furniture Brands International, Inc. (NYSE:FBN) stockholders to influence or control future compensation decisions at Furniture Brands. Furniture Brands International, Inc. is located in St. Louis, Missouri and had $1.743Billion in total revenue in 2008. The shares of Furniture Brands International, Inc. (NYSE:FBN) traded recently at $2.22 per share, down from $14.93 in 2008, $17.67 in 2007, and over $42 in 2002.