Valeant Ex-CEO Pearson Sues Drugmaker Over Withheld Shares
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, reports Bloomberg.
Michael Pearson resigned in May as the value of Valeant’s shares dropped and it became the subject of U.S. Justice Department and congressional investigations, write David Voreacos and Cynthia Koons.
They report that Pearson is claiming the company promised him 580,676 restricted shares and 2.46 million performance shares. Those shares would have a market value of more than $30 million, although exhibits to the lawsuit suggest the value for Pearson could be higher.