Robbins Umeda LLP Announces an Investigation of Quiksilver, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of Quiksilver, Inc. (NYSE: ZQK). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda is investigating whether Quiksilver’s officers and directors violated or failed to follow Quiksilver’s shareholder approved year 2000 Stock Incentive Plan. In particular, on June 13, 2011, the board of directors’ Compensation Committee granted 2,000,000 restricted stock units valued at $9,300,000 to Quiksilver’s President and Chief Executive Officer, Robert B. McKnight, and 1,000,000 restricted stock units each valued at $4,650,000 to both Pierre Agnes, President of Quiksilver Europe, and Craig Stevenson, President of Quiksilver Americas. Quiksilver’s Stock Incentive Plan limits the performance based equity awards that may be granted to any individual participant to 800,000 shares per calendar year.
In addition the investigation seeks to determine if Quiksilver’s 2012 Proxy filed on February 8, 2012, contained false and misleading statements and omitted materially important information regarding the granting of stock to executives. In particular, the 2012 proxy failed to disclose that the June 13, 2011 stock grants violated the 2000 Stock Incentive Plan.
Robbins Umeda LLP highlights that Quiksilver shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.