Mar. 5, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares of Limoneira Company (NASDAQ:LMNR) was announced concerning whether certain Limoneira officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Limoneira officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an advisory vote on executive compensation.

In the Proxy Statement filed by Limoneira Company with the Securities and Exchange the Board of Directors recommends that Limoneiras shareholders vote to approve an advisory vote on executive compensation.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:LMNR common stock.

Limoneira Company reported that its Total Revenue rose from $52.49 million for the 12 months period that ended on Oct. 31, 2011, to $65.83 million for the 12 months period that ended on Oct. 31, 2012, and that its respective Net Income increased from $1.6 million to $3.15 million.

Shares of Limoneira Company (NASDAQ:LMNR) grew from $14.28 per share in September 2011 to as high as $23.28 per share in October 2012.

On March 5, 2013, NASDAQ:LMNR shares closed at $19.70 per share.