SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

August 05, 2011 16:11 ET

The Law Firm of Levi & Korsinsky, LLP Launches an Investigation Into Possible Breaches of Fiduciary Duty by the Board of ConocoPhillips

NEW YORK, NY--(Marketwire - Aug 5, 2011) - Levi & Korsinsky, LLP is investigating ConocoPhillips (or the "Company") (NYSE: COP), and its Board of Directors, in connection with the Company's 2010 compensation for its CEO and other executives. If you owned shares during this time period, you may be affected. A complaint was filed in United States District Court in Delaware.

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On May 11, 2011, shareholders voted to pass the Company's 2011 Omnibus Stock and Performance Incentive Plan (the "Plan"). A recently filed complaint alleges that under the terms of the Plan, executives would receive compensation consisting of cash and stock. However, it is alleged that the passage of the Plan apparently was predicated on a materially misleading or false Proxy statement mailed to stockholders pertaining to the deductibility of performance-based awards under section 162(m) of the Internal Revenue code. The Plan therefore does not appear to comply with section 162(m), and as such any compensation awarded to executives may constitute waste to the company.

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Levi & Korsinsky has expertise in protecting shareholders' rights and prosecuting investor securities litigation. The attorneys at Levi & Korsinsky have extensive experience in litigating actions on behalf of shareholders victimized by financial fraud and represent investors throughout the nation. Levi & Korsinsky has been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities fraud cases. For more information, please feel free to contact any of the attorneys listed below.

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Contact Information

    Levi & Korsinsky, LLP
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171