BridgeBio Pharma Investor Accuses Board of Overpaying Itself

A BridgeBio Pharma Inc. investor sued its board in Delaware, challenging stock-based compensation worth a “staggering” $1.2 million per director per year that allegedly “dwarfs” the roughly $400,000 earned annually on average by board members at similar businesses.

“The compensation that the board awarded its directors is literally off the charts,” the complaint says, referring to a bar graph of “peer” companies. “The board has no justification for awarding its members such a lucrative compensation package.”

The lawsuit, filed May 7 in Delaware Chancery Court, accuses the board of paying itself more than $20 million over the past two years ...