PRLog - June 13, 2011 - SAN DIEGO -- An investor in shares of Hercules Offshore, Inc. (NASDAQ: HERO) filed a lawsuit against directors over alleged breaches of fiduciary duty in connection with Hercules’ executive pay.
If you are a current long term investor in Hercules Offshore, Inc. (NASDAQ HERO) stock, you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges the defendants breached their fiduciary duties for agreeing to overpay its executives.
Hercules Offshore’s CEO pay rose from about $1.317million in 2009 to $2.516million in 2010 and its CFO’s compensation increased from $333,000 in 09 to $963,000 in 2010. Overall every top officer at Hercules Offshore, Inc. received a substantial increase in total compensation in 2010 compared to 2009.
Hercules Offshore’s shareholders recently expressed their disdain for executive pay packages by voting “no” on Hercules Offshore's say on pay provision. Hercules Offshore, Inc. received 59% opposition against its pay practices at its May 10 annual meeting, according to a company filing.
In fact the Hercules Offshore’s CEO compensation rose over 90% despite decreasing annual Revenue and lower stock prices
Hercules Offshore’s 12months Revenue fell from $1,111.81million in 2008 to $657.48million in 2010. For 2008 Hercules Offshore, Inc. reported a Net Loss of $1,083.39million.
Even though shares of Hercules Offshore, Inc. (NASDAQ:HERO)
Those who are current long term investors in Hercules Offshore, Inc. (Public, NASDAQ: HERO) stock, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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