Law360, New York (November 23, 2011, 8:04 PM ET) -- Allergan Inc.'s board of directors was hit Monday with a shareholder derivative suit alleging it issued a misleading statement asking shareholders to approve a defective executive compensation plan that cost the pharmaceutical company millions in tax benefits.
In a complaint filed in Delaware federal court, the New Jersey Building Laborers Pension Fund said Allergan's March 8 proxy statement requesting shareholder approval of the 2011 incentive plan claimed the plan would be tax-deductible if the stockholders signed off on an amendment to it.
But even with approval,...
Allergan Investors Sue Board Over Tax Tab For Exec Pay
To view the full article, take a free trial now.
