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Echostar Corporation (NASDAQ:SATS) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Connection With Executive Compensation

  • If you are a current long-term stockholder of shares of Echostar Corporation (NASDAQ:SATS), you have certain options and 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
Echostar Corporation
Security
NASDAQ: SATS

Case Name
Echostar Shareholder Derivative Lawsuit 12/7/2012
Type of Lawsuit
Stockholder Derivative Action
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Summary

Dec. 10, 2012 (Shareholders Foundation) -- An investor in shares of Echostar Corporation (NASDAQ:SATS) filed a lawsuit against directors of Echostar Corporation over the executive compensation of the Chairman of the Board.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties by granting the chairman of the board 1.5 million stock options in 2011. The plaintiff claims that the company’s incentive plan limits such grants to 800,000 shares per year.

In fact, the total compensation of certain top officials at Echostar Corporation increased between 2010 and 2011. For instance the Chairman’s total pay rose from over $124,000 in 2010 to over $21.82 million in 2011, the executive VP and CFO’s compensation increased from over $121,000 in 2010 to over $1.84 million in 2011, and the CEO and President’s pay rose from over $755,000 in 2010 to over $808,000 in 2012.

Echostar Corporation (NASDAQ:SATS) reported that its Net Income fell from $364.70 million in 2009 to $3.64 million in 2011 and NASDAQ:SATS shares fell in the second half of 2011 to as low as $20.49 per share.

Shares of Echostar Corporation (NASDAQ:SATS) closed on December 10, 2012, at $33.16 per share.