Levi & Korsinsky, LLP is investigating PICO Holdings Inc. (“PICO” or the “Company”) (NASDAQ: PICO), and its Board of Directors, in connection with the Company’s 2010 compensation for its CEO. If you owned shares during this time period, you may be affected.
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At the Company’s recent annual shareholder meeting held May 13, 2011, shareholders voted “no” on PICO's say on pay provision. The investigation concerns whether certain the CEO of PICO was awarded salaries, bonuses, and/or other forms of compensation that were excessive or unwarranted based on PICO’s performance.
Specifically, total compensation for PICO’s CEO increased almost eight times from 2008 to 2010. The total CEO compensation was $1.82 million in 2008 versus approximately $14.278 in 2010, including a stock grant of $12.276. The CEO's compensation increased despite the fact that PICO's stock prices fell from a high of $47.64 per share in 2008, to $31.39 in January of 2010, to a current share price of about $29 per share.
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