SOURCE: Shareholders Foundation
SAN DIEGO, CA--(Marketwire - Nov 28, 2012) - The Shareholders Foundation, Inc. announces that an investor in shares of Simon Property Group, Inc (SPG) filed a lawsuit against directors of Simon Property Group, Inc over allegedly improperly increasing the CEO's compensation for 2011.
If you are a current long-term stockholder in shares of Simon Property Group, Inc (SPG), you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The plaintiff alleges that certain directors of Simon Property Group, Inc breached their fiduciary duties by agreeing to increase the CEO David Simon' s compensation to $1.25 million annual salary, a cash bonus of double the salary, and a $120 million stock award. The plaintiff claims that the company's directors allegedly exceeded their authority by amending the company's stock-incentive plan, created in 1998, without seeking shareholders' approval.
The plaintiff seeks to halt the $120 million bonus since it is not tied to the company's performance and instead guarantees enormous payments to the CEO simply if he stays employed by the company for seven more years.
On November 27, 2012, SPG shares closed at $151.02 per share.
Those who are current long-term investors in shares of Simon Property Group, Inc (SPG), have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.