March 14, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of NewMarket Corporation (NYSE:NEU) was initiated concerning whether certain NewMarket officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain NewMarket officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for the NewMarket Corporation 2014 Incentive Compensation and Stock Plan.
In the Proxy Statement filed by NewMarket Corporation with the Securities and Exchange Commission the Board of Directors recommends that NewMarket's shareholders vote to approve the issuance of shares of the common stock by 1,000,000 under the 2014 Incentive Compensation and Stock Plan.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NewMarket Corporation.
Shares of NewMarket Corporation (NYSE:NEU) grew from $104.95 per share in June 2010 to as high as $383.21 per share on March 11, 2014.
On March 14, 2014, NYSE:NEU) shares closed at $380.31 per share.