Sotera Health Sued by Ousted Exec Over Alleged Stock Theft (1)

A former top executive sued Sotera Health Co., claiming its chief executive led a “malicious, self-serving” scheme to push him out and steal millions worth of his company stock.

The lawsuit, filed by departed senior vice president Kurt Roth, accuses CEO Michael Petras of forcing Roth to choose between forfeiting his equity or accepting a demotion and pay cut. When Roth resigned instead, Petras allegedly relied on a misinterpretation of his pay package to declare his stock unvested and seize it.

Two months later, the company authorized a $5.25 million stock option grant for Petras, reflecting “a perverse outcome: Petras ...