March 27 Former Valeant Pharmaceuticals
International Inc Chief Executive Michael Pearson has
filed a lawsuit against the Canadian drugmaker, alleging it
refused to pay him more than 3 million shares he is owed, the
Wall Street Journal reported on Monday.
Based on Valeant's stock price of $10.81 at the close of
trading Monday on the NYSE, the shares have a market value of
about $32.43 million.
Pearson filed the suit on Monday in the U.S. District Court
of New Jersey, saying Valeant breached his contract by not
paying him 580,676 shares and 2.5 million performance shares due
in November under the terms of his separation agreement, the
Journal reported. (on.wsj.com/2nbssPP)
The report said the lawsuit alleges Valeant also owes
$180,000 to Pearson for consultation fees.
The company said last year in March that Pearson was
stepping down from his role as billionaire investor William
Ackman joined the company's board in an attempt to clean up
Valeant and a representative of Pearson were not immediately
available for comment.
(Reporting by Kanishka Singh in Bengaluru; Editing by Bill