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BioMed Realty Trust, Inc. Investor Files Lawsuit Against Directors

  • If you purchased shares of BioMed Realty Trust, Inc. (NYSE: BMR) and currently hold those NYSE:BMR stocks, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
BioMed Realty Trust, Inc.
Security
NYSE: BMR

Case Name
BioMed Realty Trust Shareholder Derivative Action 11/04/2011
Type of Lawsuit
Stockholder Derivative Action
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Summary

MARCH 2012 - Case dismissed over executive pay. A Maryland federal judge found he failed to show it would have been useless to demand that the board act on his objections before filing suit.
San Diego, Nov. 4, 2011 (Shareholders Foundation) -- An investor in BioMed Realty Trust, Inc. (NYSE: BMR) shares filed a lawsuit against the board of directors and certain of BioMed Realty Trust’s top executives alleging breached of fiduciary duties in connection with certain executive’s compensation.

According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties in connection with the board of director’s granting of allegedly excessive and undeserved compensation to certain top executives of BioMed Realty Trust, Inc. and the board of director’s failure to rescind the compensation despite shareholders’ rejection of it.

BioMed Realty Trust's shareholders recently expressed their disdain for the executive pay packages by voting “no” on BioMed Realty Trust's say on pay provision. BioMed Realty Trust, Inc. received more than 50% opposition against its pay practices at its May 25 annual meeting, according to a company filing.

Despite that BioMed Realty Trust’s annual Total Revenue rose from $266.11million in 2007 to $386.44million in 2010, its Net Income fell from $71.40million in 2007 to $38.82million in 2010.

Nevertheless, BioMed Realty Trust CEO’s compensation more than double from 2008 to 2010. His compensation rose from $2.27million in 2008 to $5.03million in 2010. The COO’s pay increased from roughly $1.61million in 2008 to $2.78million in 2010. The compensation of the CEO, COO and executive VP, Real Estate of the company rose from 2009 to 2010 a total of 27.75%.