An investigation on behalf of investors of Smith & Wesson Holding Corporation (NASDAQ:SWHC), who currently hold their SWHC shares, over potential breaches of fiduciary duties by the board of directors and other company executives was announced.

Smith & Wesson Holding Corporation, located in Springfield, MA, is a manufacturer of firearms.

According to the investigation by a law firm the investigation on behalf of current SWHC investors concerns potential breaches of fiduciary duties by the board of directors and other company executives in connection with US Department of Justice investigations into potential violations of the Foreign Corrupt Practices Act (FCPA).

In an annual report filed on July 1, 2010, Smith & Wesson announced the Department of Justice investigation. On January 19, 2010, the Department of Justice unsealed indictments of 22 individuals from the firearm industry that alleged the defendants conspired to pay bribes for supply contracts to an undercover FBI agent posing as a representative of an African nation. Smith & Wesson confirmed that one of the defendants was their vice president of sales for their International & U.S. Law Enforcement division. Smith & Wesson acknowledged that it could be prevented from bidding on domestic military and government contracts, and could risk debarment by the U.S. Department of State. Smith & Wesson Holding Corp. reported on April 30, 2008, for the past 12 months Total Revenue of $295.91million, on April 30, 2009, $334.95million, and on April 30, 2010, $406.18million. Shares of Smith & Wesson Holding Corporation (SWHC) traded recently at $3.98 per share, down from its 52weekHigh of $6.98 per share and $21.38 per share in 2007.