NEW YORK, June 23, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP is investigating Umpqua Holdings Corporation ("Umpqua" or the "Company"), and its Board of Directors, in connection with the Company's 2010 compensation package of CEO Ray Davis and other executives and statements made by the Company in its public filings with the SEC about said compensation.
Specifically, for 2010, the Umpqua Board agreed to increase top executive pay from between 61.1% and 161.2% over 2009 base pay. Executive pay was increased despite the Company's negative 7.7% 2010 annual shareholder return and $153 million Net Loss reported in 2009. On April 19, 2011, 61.85% of Umpqua's shareholders voted "no" on Umpqua's say on pay provision. The increase in executive pay appears to have violated Umpqua's own pay-for performance executive compensation philosophy and otherwise appears to be a breach of the Board's fiduciary duty.
If you own common stock in Umpqua and wish to obtain additional information, please contact Eduard Korsinsky, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit .
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: 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
