The firm is investigating a derivative case against Stanley Black & Decker, Inc., a Connecticut corporation headquartered in New Britain, CT, provides hand tools, mechanical access solutions, and electronic security solutions. The company was formed in March 2010 as a result of the merger between The Stanley Works and The Black & Decker Corp. (merger announced on 11/2/09).

The Company’s executive pay program is in dire need of reformation, as demonstrated by consistently poor annual shareholder returns, rising compensation despite poor company performance, lack of a tied-to-pay for performance, and overpayment in comparison to peers. Although the merger did not result in greater net income, it did result in dramatically higher compensation for SBD executives. Nolan Archibald’s compensation, the Company’s Executive Chairman, is particularly egregious because he is not responsible for the day-to-day management of the company and has few, if any, meaningful responsibilities – he is scheduled to receive incredible payouts in the next few years regardless of performance ($45 million bonus in 2013 and millions in stock and option awards). Last year, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law, requiring public companies to submit executive compensation plans to a shareholder vote (often referred to as the “say on pay” vote). Not surprisingly, at its annual meeting in the spring, a large majority of SBD shareholders voted down the company’s compensation plan (59%); nevertheless, SBD has not rescinded the excessive equity awards nor made a public statement that it will change its compensation practices going forward.

If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.

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