April 8, 2013 (Shareholders Foundation ) - An investor who holds NYSE:SWC filed a lawsuit against directors of Stillwater Mining Company in connection with the CEO’s compensation.
The plaintiff alleges that the board wasted shareholder money by awarding the CEO an equity bonus that was 35% more than company rules allow. More specifically the plaintiff says that the defendants allegedly breached their fiduciary duties owed to NYSE:SWC stockholders by agreeing to give the CEO more than 250,000 shares of stock for 2 years. The plaintiff claims that the award far exceeds the shareholder-approved limit set in the shareholder-approved incentive plan.. Furthermore, the plaintiff alleges that board of directors was misleading in its proxy statement ahead of the annual shareholders meeting in May 2013 because it did not include the alleged overpayments to the CEO.

Stillwater Mining Company (NYSE:SWC) reported that its annual Total Revenue declined from $905.97 million in 2011 to $800.24 million in 2012 and that its Net Income fell from $144.29 million in 2011 to $55.05 million in 2012.

Shares of Stillwater Mining Company (NYSE:SWC) traded in 2011 as high as $25.1 per share and reached in 2012 as high as $14.89 per share.

On March 11, 2013, NYSE:SWC shares closed at $13.01 per share.