San Diego, CA -- (SBWire) -- 12/04/2012 --An investor in shares of Simon Property Group, Inc (NYSE:SPG) filed a lawsuit against directors of Simon Property Group over allegedly improperly increasing the CEO’s compensation for 2011.
Investors who are current long-term stockholders in shares of Simon Property Group, Inc (NYSE: SPG), you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
According to the complaint 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 December 3, 2012.NYSE: SPG shares closed at $152.83 per share.
Those who are current long-term investors in shares of Simon Property Group, Inc (NYSE:SPG), have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Simon Property Group, Inc (NYSE:SPG) Investor Alert: Lawsuit over CEO's Pay Filed
A lawsuit was filed by a current investor in shares of Simon Property Group, Inc (NYSE:SPG) over alleged breaches of fiduciary duties and current long-term NYSE:SPG stockholders should contact the Shareholders Foundation