Business news ( Flash ): Quiksilver CEO, board sued by investor over stock incentives

Quicksilver violated a 2000 stock incentive plan by giving its CEO, Europe President and COO awards of 4 million restricted stock units, alleges a complaint filed by the Vladimir Gusinsky Living Trust.

Business Week has learned that Quiksilver CEO Robert McKnight and the board of the surfwear brand are being sued by an investor over stock incentives. According to the complaint filed Monday by the Vladimir Gusinsky Living Trust, awards of 4 million restricted stock units to McKnight, Quiksilver Europe President Pierre Agnes, and COO Craig Stevenson violated a 2000 stock incentive plan. The trust said in the filing in Delaware Chancery Court that the awards are “a waste of the company’s corporate assets and a breach of fiduciary duties owed to the company and its shareholders by the members of the compensation committee.” The trust is seeking a court order that would direct the California-based clothing maker to improve its corporate governance along with unspecified damages.

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