Sept. 17, 2012 (Shareholders Foundation) -- Certain officers and directors of H&R Block, Inc. are currently under investigation concerning whether they breached their fiduciary duties by paying potentially excessive compensation to certain top officials at H&R Block, Inc. (NYSE:HRB).
The investigation by a law firm focuses on whether certain directors and officers of H&R Block, Inc. harmed the company by agreeing to pay certain of H&R Blocks senior officers and executives excessive compensation.
H&R Block, Inc. (NYSE:HRB) reported that its Total Revenue declined from over $3.92 billion for the 12 months period that ended on April 30, 2009 to over $2.79 billion for the 12 months period that ended on April 30, 2012 and that its Net Income over the respective time periods fell from $485.67 million to $265.97 million.
Shares of H&R Block, Inc. (NYSE:HRB) traded in 2008 as high as $25.54, in 2009 as high as $22.80, and in 2010 as high as $22.72 per share. In 2011 NYSE:HRB reached only $17.65 per share and so far in 2012 the highest trading reached $17.20 per share.
Nevertheless the compensation of certain top officials at H&R Block, Inc. (NYSE:HRB) rose significantly from 2010 to 2011. The new President and CEO earned a total compensation of over $11.95 million in the Fiscal Year 2012, while the former CEO received a total pay of over $5.67 million in the Fiscal Year 2011. The CFOs pay increased from over $809,000 in the Fiscal Year 2011 to over $1.08 million in the Fiscal Year 2012.
Shares of H&R Block, Inc. (NYSE:HRB) closed on September 12, 2012 at $16.45 per share.