October 29, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Harman International Industries Inc. (NYSE:HAR) was announced concerning whether certain Harman International Industries officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Harman International Industries officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to the Companys 2012 Stock Option and Incentive Plan.

In the Proxy Statement filed by Harman International Industries Inc. with the Securities and Exchange Commission the Board of Directors recommends that Harman International Industries shareholders vote to approve an amendment to the Companys 2012 Stock Option and Incentive Plan (Plan) to authorize the issuance of an additional 2,869,821 shares of Common Stock under the Plan.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Harman International Industries Inc.

Harman International Industries Inc. reported that its Total Revenue declined from over $4.36 billion for the 12 months period that ended on June 30, 2012 to over $4.29 billion for the 12 months period that ended on June 30, 2013 and that its respective Net Income declined from $329.54 million to $142.41 million.

Shares of Harman International Industries Inc. (NYSE:HAR) grew from $28.58 per share in September 2011 to as high as $74.13 per share on Oct. 29, 2103.