A lawsuit was filed by an investor in shares of Simon Property Group, Inc (NYSE:SPG) over alleged breaches of fiduciary duties and other NYSE:SPG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/14/2012 -- An investor in shares of Simon Property Group, Inc (NYSE:SPG) filed a lawsuit against directors of Simon Property Group, Inc over allegedly improperly increasing the CEO’s compensation last year
Investors who are current long-term stockholders in shares of Simon Property Group, Inc (NYSE:SPG), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors of Simon Property Group, Inc (NYSE:SPG) breached their fiduciary duties owed to NYSE:SPG stockholders by agreeing to increase the CEO’s compensation to $1.25million annual salary, a cash bonus of double the salary, and a $120million stock award. 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.
Simon Property Group, Inc (NYSE:SPG) reported that its annual Revenue increased from $2.8 billion in 2008 to $4.3 billion in 2011 and that its Net Income rose from $463.64 million in ’08 to $1.2 billion in 2011.
Shares of Simon Property Group, Inc (NYSE:SPG) grew from as low as $26.19 per share in March 2009 to as high as $163.03 per share on August 3, 2012.
On August 13, 2012, NYSE:SPG shares closed at $157.17 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.
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