NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of MDC Holdings Inc. (“MDC” or the “Company”) (NYSE: MDC) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for executive compensation.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on February 6, 2013, the Board of Directors recommends that MDC’s shareholders vote to approve an amendment to the MDC 2011 Equity Incentive Plan, authorizing 1,600,000 shares of Common Stock to be available for issuance. The proxy also recommends that shareholders approve an advisory vote on executive compensation. The issuance of the additional shares could have a substantial dilutive effect on the shares of MDC common stock.
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