NEW YORK, Jan. 31, 2014 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Sonic Foundry, Inc. ("Sonic" or the "Company") (NasdaqCM: SOFO) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for the 2009 Stock Incentive Plan.
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Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on January 28, 2014, the Board of Directors recommends that Sonic's shareholders vote to approve the issuance of shares of the common stock from 1,000,000 to 1,800,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Sonic common stock.
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If you own common stock in Sonic and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/SOFO 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.
Contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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