Former Valeant CEO suing association over delinquent shares
Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for crack of agreement for unwell to broach some-more than 3 million shares and consulting fees.
In a lawsuit filed Monday in a U.S., Pearson alleges that Valeant breached his subdivision agreement by refusing to palm over 580,676 limited share units and about 2.4 million opening share awards he was granted.
Pearson also alleges that he is due $180,000 US for delinquent portions of his consulting agreement with Valeant after being transposed as arch executive final May. Valeant consummated a agreement in January.
In his matter of explain in a U.S. District Court of New Jersey, Pearson pronounced he was sensitive by Valeant lawyers that a house dynamic a shares would not be released.
“Valeant believes it would be inapt or influenced in a stream sourroundings for Mr. Pearson to accept additional remuneration — to a balance of millions of dollars — during a time when large other Valeant employees have been asked to scapegoat for a good of a association and a shareholders,” pronounced a minute referred to in a lawsuit.
In a 2017 substitute statement, Valeant told shareholders that it was “not in a position to make any serve payments to Mr. Pearson.”
Valeant declined to criticism on a lawsuit.
The association has paid Pearson a $9-million US severance, a 2016 reward and has concluded to yield family health word for dual years. It has also supposing him an office, use of an executive executive partner and IT support.
In all, Pearson perceived $12 million US in remuneration final year, according to a regulatory filing forward of Valeant’s annual ubiquitous assembly on May 2.
Pearson was transposed by Joseph Papa after a Quebec-based drugmaker had a severe year in that it mislaid scarcely 90 per cent of a batch value, racked adult waste of $2.4 billion US and came underneath inspection over a drug pricing practices.
On a Toronto Stock Exchange, Valeant’s shares sealed during $14.34, losing 15 cents or about one per cent.
Article source: http://www.cbc.ca/news/business/valeant-michael-pearson-suit-1.4044237?cmp=rss