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Goldman sold 1.3 million Valeant shares backing loan to CEO, Valeant says

Valeant chief executive Michael Pearson

 

Valeant Issues Statement On Sales Of Company Stock as follow:

Valeant Pharmaceuticals International, Inc. stated that 1, 297, 399 shares pledged to Goldman Sachs to secure loans made to chairman and chief executive officer J. Michael Pearson were sold by Goldman Sachs on Thursday. Goldman Sachs held the shares as collateral for loans extended to Pearson.

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As disclosed in the company’s proxy statement filed on April 22, 2014, the company’s board permitted Pearson to pledge approximately two million shares. As of the company’s most recent proxy statement, filed April 9, 2015, those shares represent approximately 20.19% of his shares beneficially owned.

Pearson pledged those shares to Goldman Sachs as collateral for loans of approximately $100 million that he used for, among other things, financing charitable contributions, including to Duke University, and helping to fund a community swimming pool, purchasing Valeant shares, and meeting certain tax obligations related to the vesting and payment of Valeant compensatory equity awards.

Goldman Sachs required repayment of the loans, and has informed the company that it sold the shares it held as collateral in satisfaction of the loans. After repayment of the loans with the proceeds from the sale by Goldman Sachs, the loan agreements will terminate and there will be no amounts outstanding under those agreements.

“Since joining Valeant, I have not sold any shares provided to me as compensation, and it was not my desire that shares be sold now, ” Pearson said. “I have complete confidence in Valeant’s ability to move forward and continue meeting our commitments to patients, doctors, and shareholders.”

In January 2015, Pearson agreed to not receive a base salary and instead be compensated exclusively through cash and stock incentive awards tied to performance.

 

READ MORE: Valeant

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