Valeant Ex-CEO Pearson Sues Drugmaker Over Withheld Shares
- Pearson claims company failed to deliver 3 million shares
- Company told him shares ‘inappropriate’ when others sacrifice
Michael Pearson
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Valeant Pharmaceuticals International Inc.’s former chief executive officer accused the drugmaker of failing to deliver 3 million shares promised him as part of an exit package.
Ex-CEO Michael Pearson stepped down in May after Valeant’s shares plummeted and it became the subject of U.S. Justice Department and congressional investigations. In his lawsuit filed Monday, he claimed the company promised him 580,676 restricted shares and 2.46 million performance shares. Based on Monday’s closing price of $10.81, that number of shares would have a market value of $32.8 million, although exhibits to the lawsuit suggest the value for Pearson could be higher.