Bluebird Bio Board Overpaying Itself, Derivative Suit Says (1)

Gene therapy company Bluebird Bio Inc. and its directors were hit with a Delaware lawsuit Monday claiming the board is overpaying itself at the expense of investors.

Bluebird’s directors make nearly $750,000 a year, more than three times the average at companies with capitalization comparable to its $2.5 billion, according to the Chancery Court complaint filed by a shareholder.

The “unwarranted and grossly excessive” salary is also well more than board members generally make even at much larger companies, the suit says. The pay rates were allegedly never put to a shareholder vote.

“The board’s self-dealing compensation practice lacks any ...