Feb. 04, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares The Toro Company (NYSE:TTC) was announced concerning whether certain Toro Company officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Toro Company (officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to the Companys Restated Certificate of Incorporation.

In the Proxy Statement filed by The Toro Company with the Securities and Exchange Commission the Board of Directors recommends that Toros shareholders vote to approve an amendment to restate The Toro Companys Certificate of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 175,000,000.

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

The Toro Company (NYSE:TTC) reported that its Total Revenue rose from over $1.52 billion for the 12 months period that ended on Oct. 31, 2009 to over $1.95 billion for the 12 months period that ended on Oct. 31, 2012 and that its Net Income for those time periods increased from $62.84 million to $129.54 million.

Since its 2 to 1 split in July 2012 shares of The Toro Company (NYSE:TTC) grew from $36.79 per share in August 2012 to as high as$45.07 per share in in December 2012.

On Jan. 30, 2013, NYSE: TTC shares closed at $44.04 per share.