Back in 2008, the general counsel of Progenics Pharmaceuticals Inc. fired an employee who accused the company of lying to its shareholders. Now, eight years later, that former employee is poised to recover millions.
In a ruling issued on Aug. 30, U.S. District Judge Loretta Preska in Manhattan awarded $2.7 million in front pay to Julio Perez, a former chemist at Progenics Pharmaceuticals who says the company misled the public about the results of clinical trials. A jury previously awarded Perez $1.6 million in back pay, finding that Progenics unlawfully retaliated against him for whistleblowing, so in total he has recovered more than $4.3 million (not including interest and attorneys fees, which has yet to be determined).
