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If you are a current long-term stockholder of shares of Saga Communications, Inc. (NYSEMKT:SGA), you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
September 23, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Saga Communications, Inc. (NYSEMKT:SGA) was announced concerning whether certain Saga Communications officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain Saga Communications officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for the Second Restated 2005 Plan Proposal.
In the Proxy Statement filed by Saga Communications, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Sagas shareholders vote to approve the Second Restated 2005 Plan Proposal, which would increase the number of authorized shares issuable thereunder by 233,334.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Saga Communications, Inc.
Saga Communications, Inc. reported that its annual Total Revenue rose from $125.27 million in 2011 to $130.26 million in 2012 and that its Net Income for those time periods increased from $12.63 million to $17.93 million.
Shares of Saga Communications, Inc. (NYSEMKT:SGA) closed on September 23, 2013 at $45.30 per share.
