Faruqi & Faruqi, LLP is Investigating Masco Corporation on Behalf of its Shareholders (MAS)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Masco Corporation (“Masco” or the “Company”) (NYSE: MAS). The investigation focuses on whether certain officers and directors of Masco violated shareholder protection laws by paying executives excessive compensation.
Masco’s CEO earned a total of $10.058million in 2010, its CFO $2.45 million, and its COO $4.847 million. These figures represent large increases from the same executive officers’ 2008 compensation, even though, Masco’s 12 months total revenue declined from $11.413 billion in 2007 to $7.592 billion in 2010. Moreover, the Company’s net income of $386 million for 2007 fell to a net loss of $1,043 million in 2010. Not surprisingly, Masco’s shareholders expressed their displeasure with the executive compensation packages by voting “no” on Masco Corporation's say on pay provision, yet the Masco Board of Directors ignored both Masco’s shareholders and the Company’s past performance and approved the executive compensation referenced above.
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