Valeant's former CEO suing drugmaker over 3M withheld shares: 6 insights

Laval, Canada-based Valeant Pharmaceuticals' former CEO Michael Pearson is suing the company for 3 million in shares that the company allegedly withheld from his exit package, Bloomberg reports.

Here's what you should know.

1. In a lawsuit, Mr. Pearson claims the company allegedly owes him 580,676 restricted shares and 2.46 million performance shares, Bloomberg reports.

2. Based on the March 27, 2017 market close price, those shares have a nearly $32.8 million estimated value.

3. The suit claims Mr. Pearson attempted to resolve the conflict outside of court, but that Valeant allegedly "refused to deliver the shares and to meet certain of its other remaining obligations." Bloomberg reports the filing provides no support for that claim.

4. Valeant allegedly owes Mr. Pearson $180,000 in consulting fees.

5. The suit claims Valeant "made good on its promise" providing a $9 million severance payment, insurance coverage, office space and an administrative assistant to Mr. Pearson.

6. A Valeant spokesperson did not comment to Bloomberg.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars