- There is a new twist in the exit of former McDonald's (NYSE:MCD) Steve Easterbrook from the company. Today, McDonald's disclosed that it sued former CEO Steve Easterbrook for lying during the company's internal probe into his actions.
- The board says new information indicates that Easterbrook approved "an extraordinary stock grant, worth hundreds of thousands of dollars" for one of the employees while they were involved in a sexual relationship. That information wasn't known when Easterbrook's separation agreement with McDonald's was struck.
- From the SEC Form 8-K: "These actions constitute breaches of Easterbrook’s duties to McDonald’s. Had Easterbrook been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019 and would not have agreed that his termination was without cause. Accordingly, McDonald’s brings this action to redress the injuries it has suffered by virtue of Easterbrook’s fiduciary breaches and deceit."
- MCD -0.10% premarket to $204.40. The legal drama isn't likely to do much to the Quant Rating on MCD, which is flashing Bullish.