Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the board of directors of Applied Industrial Technologies, Inc. for potential breaches of fiduciary duties in connection with their conduct of seeking shareholders’ approval of the compensation for the company’s named executive officers.
The terms of the compensation to be awarded to the executive officers at Applied Industrial Technologies are outlined in the Proxy Statement on Form Schedule 14A that the company filed with the Securities and Exchange Commission on September 7, 2012.
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.
Applied (NYSE: AIT) is one of North America’s largest industrial distributors of bearings, power transmission components, hydraulic components and systems, pneumatic components and systems, industrial rubber products, linear components, tools, safety products, general maintenance and a variety of material handling products. The company also provides customized mechanical, fabricated rubber and fluid power shop services, as well as services to meet storeroom management and maintenance training needs.
Applied has more than 400 service center locations, 4,600 employee-associates, seven strategic distribution centers, and more than 40 specialty repair and rebuild shops. The company has locations throughout the United States, Canada, Mexico and Puerto Rico.
Source: Business Wire
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