Faruqi & Faruqi, LLP Launches An Investigation Against Ring Energy, Inc. (RNGE) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Faruqi & Faruqi, LLP, a leading national securities firm headquartered
in New York City, is investigating the Board of Directors of Ring
Energy, Inc. (“Ring Energy” or the “Company”) (OTC BB: RNGE) for
potential breaches of fiduciary duties in connection with their conduct
in seeking shareholders’ approval for an amendment to the Company’s
Articles of Incorporation.
Specifically, in the Proxy Statement filed by the Company with the
Securities and Exchange Commission on January 11, 2013, the Board of
Directors recommends that Ring Energy’s shareholders vote to approve an
amendment to the Company’s Articles of Incorporation to increase the
total common shares authorized from 75,000,000 to 150,000,000. The Board
of Directors also recommends that shareholders approve an amendment to
the Ring Energy, Inc. Long Term Incentive Plan which would increase the
total shares authorized under the Plan from 2,500,000 to 5,000,000. The
issuance of the additional shares could have a substantial dilutive
effect on the shares of Ring Energy’s common stock.
Request more information now by clicking here: www.faruqilaw.com/RNGE.
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Faruqi & Faruqi, LLP is a national law firm which represents investors
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has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Ring Energy and wish to obtain additional
information and protect your investments free of charge, please visit us
at www.faruqilaw.com/RNGE
or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com
or by telephone at (877) 247-4292 or (212) 983-9330.
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