San Diego, CA -- (SBWIRE) -- 08/29/2012 -- An investor in shares of Viacom, Inc. (NASDAQ:VIAB) filed a lawsuit against certain directors over alleged breaches of fiduciary duties in connection with certain executive bonuses.
Investors who are current long term stockholders of shares of Viacom, Inc. (NASDAQ:VIAB), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that certain members of the board of director’s compensation committee breached their fiduciary duties to Viacom, Inc. and its shareholders by agreeing to award certain company senior executives excessive bonuses in violation of Viacom’s Senior Executive Short-Term Incentive Plan from 2007.
The plaintiff says that the committee based its decision on factors that were not pre-established and objected, but instead were based on its subjective discretionary determination rather than objective facts. Furthermore, so the plaintiff, from 2009 through 2011 the committee allegedly wrongfully arrogated to itself the positive discretion to provide additional compensation based on the accomplishments of each executive in a particular year. The plaintiff says that for 2008 through 2011 the committee authorized for certain defendants excess compensation in the amount over $36.64million.
In fact, the compensation of certain top officials increased significantly in recent years. For instance, the Executive Chairman and Founder’s total pay rose from over $13.94 million in 2008 to over $15.03 million in 2010 and over $20.99 million in 2011, the President and CEO’s total compensation increased from over $27.99 million in 2008 to over $84.51 million in 2010, respectively over $43.12 million in 2011, and the Senior Executive VP and COO’s total pay rose from over $22.17 million in 2008 to over $64.65 million in 2010 and over $34.06 million in 2011.
Viacom, Inc. (NASDAQ:VIAB) reported that its Total Revenue rose from over $13.94 billion for the 12 months period that ended on Dec. 31, 2008 to over $14.91 billion for the 12months period that ended on Sept. 30, 2011, and that its Net Income over the respective time periods increased from over $1.25 billion to over $2.13 billion.
Shares of Viacom, Inc. (NASDAQ:VIAB) grew from as low as $13.27 per share in November 2008 to as high as $52.15 per share in July 2011.
On August 28, 2012, NASDAQ:VIAB shares closed at $50.26 per share.
Those who are current long term stockholders of shares of Viacom, Inc. (NASDAQ:VIAB), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego