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Mindspeed Technologies, Inc. (NASDAQ:MSPD) Investor Files Lawsuit Over Stock Award

  • If you are a current long-term stockholder of shares of Mindspeed Technologies, Inc. (NASDAQ:MSPD), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Mindspeed Technologies, Inc.
Security
NASDAQ: MSPD

Case Name
Mindspeed Technologies Shareholder Derivative Lawsuit 01/04/2013
Type of Lawsuit
Stockholder Derivative Action
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Summary

Jan. 08, 2013 (Shareholders Foundation) -- An investor in shares of Mindspeed Technologies, Inc. (NASDAQ:MSPD) filed a lawsuit against Mindspeed Technologies’ CEO and certain directors over certain stock award that were granted to the CEO.

The plaintiff alleges that the board of directors breached their fiduciary duties by agreeing to award the CEO equity awards that allegedly exceeded the limited allowed by the shareholder-approved Mindspeed Technologies’s long-term incentive plan.

Indeed, the CEO’s pay rose from over $4.13 million in 2010 to over $5.05 million in 2011.

On October 10, 2012, NASDAQ:MSPD shares closed at $3.22 per share, less than half its current 52 week High of $7.28 per share.