NEW YORK, April 11, 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 Penns Woods Bancorp Inc. ("Penns Woods" or the "Company") (NasdaqGS: PWOD) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval of the 2014 Penns Woods Bancorp, Inc. Stock Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on March 27, 2014, the Board of Directors recommends that Penns Woods's shareholders vote to approve the 2014 Penns Woods Bancorp, Inc. Stock Incentive Plan to authorize an increase of the total aggregate number of shares of the common stock by 12 1/2 percent of the total issued and outstanding shares on April 30, 2014 (approximately 602,500 shares), which may be adjusted annually. The issuance of the additional shares could have a substantial dilutive effect on the shares of Penns Woods common stock.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
If you own common stock in Penns Woods and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PWOD or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Juan E. Monteverde, Esq. [email protected] Toll Free: (877) 247-4292 Phone: (212) 983-9330
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