January 30, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Mitek Systems, Inc. (NASDAQ:MITK) was announced concerning whether certain Mitek Systems officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain Mitek Systems officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment of the Company's 2012 Incentive Plan.
In the Proxy Statement filed by Mitek Systems, Inc. with the Securities and Exchange Commission the Board of Directors recommends that Mitek Systems' shareholders vote to approve an amendment to the Company's 2012 Incentive Plan to increase the number of shares available for issuance thereunder from 2,000,000 to 4,000,000.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Mitek Systems, Inc.
Mitek Systems, Inc. reported that its Total Revenue rose from $9.09 million for the 12 months period that ended on Sept. 30, 2012 to $14.80 million for the 12 months period that ended on Sept. 30, 2013 and that its respective Net Loss declined from $7.86 million to $7.28 million.
Shares of Mitek Systems, Inc. (NASDAQ:MITK) grew from $1.98 per share in June 2012 to as high as $7.22 per share in June 2013, respectively $6.99 per share in November 2013.
On January 30, 2013, NASDAQ:MITK shares closed at $6.14 per share.