Ionis Board Members Stuffed Their Own Pockets, Lawsuit Alleges

Ten members of Ionis Phamaceuticals Inc.'s board of directors violated their fiduciary duties by approving excessive compensation for themselves, a shareholder says in a derivative suit on behalf of the company.

The average director compensation in 2019 was nearly $1.2 million, 45% more than the largest peer organization’s director compensation, investor Robert S. Cohen says. A redacted version of Cohen’s complaint, filed May 25 in the Delaware Chancery Court, was made public Tuesday.

“In addition to the massive rise of the Company’s average total compensation in 2019 for the fourth consecutive year, the Board added a tenth member, making the ...