SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

July 27, 2011 16:24 ET

The Law Firm of Levi & Korsinsky, LLP Notifies Shareholders of Eagle Bulk Shipping Inc. of Claims of Breaches of Fiduciary Duty in Connection With Executive and Director Compensation

NEW YORK, NY--(Marketwire - Jul 27, 2011) - Levi & Korsinsky, LLP notifies shareholders of Eagle Bulk Shipping Inc. ("Eagle Bulk" or the "Company") (NASDAQ: EGLE) of claims of breaches of fiduciary duty against the Company's Board of Directors in connection with the Company's 2008, 2009, and 2010 compensation for certain officers and directors. If you owned shares during this time period, you may be affected. A complaint was filed in the Southern District of New York.

To get more information, click here: http://zlk.9nl.com/EGLE.

From 2008 to 2010, director compensation increased approximately three to four times the compensation paid in 2006. In 2008, each non-employee director received a cash retainer of $70,000, in addition to payments for each board meeting attended and each Chair held. In 2009, the retainers for each director increased to $95,000, and the per-meeting attendance payment also increased.

Total executive compensation from 2008 to 2010 was approximately $65.8 million, and total director compensation was approximately $6.4 million. The total executive and director compensation for these years represents almost 60% of the net income during that period. Executive compensation increased dramatically despite the fact that Eagle Bulk's stock prices fell more than 90% from 2008 to 2010. Eagle Bulk shares traded as high as $35 in 2008, and are currently trading below $2.50 per share.

To speak directly to an attorney please contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/eagle-bulk-egle.html.

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

  • CONTACT:
    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
    www.zlk.com