Biopharma Co. Hit With Suit Over Directors' 'Excessive' Pay
Law360 (November 7, 2018, 6:42 PM EST) -- Ultragenyx Pharmaceutical Inc. was hit with a derivative stockholder suit in Delaware Chancery Court on Wednesday, claiming the company's board is being paid "excessive" salaries, even as the company continues to struggle financially.
Shareholder John Solak filed the complaint against eight of the company's directors, including CEO and founder Emil D. Kakkis, alleging that the board has breached its fiduciary duty and engaged in self-dealing, unjust enrichment and waste in approving a compensation plan that "grossly overcompensates" the seven nonemployee directors.
Solak said the compensation plan fails to take in account the company’s revenue and continues to pay the directors more...
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