Ousted Bio-Rad GC Wins Whistleblower Case

, The Recorder

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The jury awarded Sanford Wadler $2.9 million in back pay and stock compensation, which will be doubled, plus $5 million for punitive damages.

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What's being said

  • James McRitchie

    Like an increasing number of companies in or near Silicon Valley, Bio-Rad is controlled. Of 6 directors, 3 own no stock, a 4th owns 400 shares and the CEO/Chair and other controlling family member own more that 4M class A shares with 10 times the voting power of B shares. I filed a proxy access proposal last year but the family is happy with their current arrangement and full control. A cynic might conclude occasional FCPA fines are just part of the cost of doing business. The stock has done well for me but performance might have been even better with an independent board more concerned with following the law. What will the next settlement cost? This is another possible lesson for shareholders of Facebook, Alphabet, Zynga, Zillow, Linkedin, etc.

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