May 14, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) was announced concerning whether certain Progenics Pharmaceuticals officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain Progenics Pharmaceuticals officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an increase in the number of available shares under the Companys 2005 Stock Incentive Plan.
In the Proxy Statement filed by Progenics Pharmaceuticals, Inc.with the Securities and Exchange Commission (SEC) the Board of Directors recommends that Progenics Pharmaceuticals shareholders vote to approve an increase in the number of available shares under the Companys 2005 Stock Incentive Plan from 8,450,000 to 10,450,000.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:PGNX common stock.
Progenics Pharmaceuticals, Inc. reported that its annual Revenue declined from $84.80 million in 2011 to $13.98 million in 2012 and that its Net Income of $10.38 million in 2011 decreased to a Net Loss of $35.43 million in 2012.
Shares of Progenics Pharmaceuticals, Inc. declined from as high as $10.80 per share in July 2012 to as low as $1.77 per share in November 2012.
On May 14, 2013, NASDAQ:PGNX shares closed at $4.18 per share.