LipoScience executives to receive $2.6M in golden parachutes

http://www.bizjournals.com/triangle/news/2014/10/28/liposcience-executives-golden-parachutes-millions.html

Raleigh's LipoScience will pay two executives a combined $2.6 million in golden parachutes in connection to the company's sale to LabCorp.

Burlington-based Laboratory Corporation of America (NYSE: LH) agreed to acquire LipoScience(Nasdaq: LPDX), on Sept. 24. Both are health diagnostics companies, though LabCorb, with $5.8 billion in revenue, is much larger than LipoScience. LabCorp agreed to buy LipoScience shares for $5.25 each, a deal value of $85 million. As of June 30, LipoScience had $48 million in net assets and $24 million in total liabilities.

In connection with the buyout, CEO Howard Doran will receive $1.8 million in total golden parachute compensation and CFO Lucy Martindale will receive $797,000 in golden parachutes. Additionally, board member Robert J. Greczyn, the former Blue Cross and Blue Shield of North Carolina chief executive, will receive $44,000.

LipoScience also faces at least four shareholder lawsuits alleging a "breach of fiduciary duties," among other claims, because of the sale price. These lawsuits are common in these kinds of transactions.

 

Yes this was already posted today in another thread ... Try keeping up