Tuesday, July 16, 2024

Medicis Shares Tumble After Woman Found Dead at CEO’s Home

July 14 (Bloomberg) — Medicis Pharmaceutical Corp., the maker of wrinkle treatments and acne drugs, fell the most in two months in intraday trading after the girlfriend of millionaire founder and Chief Executive Officer Jonah Shacknai was found dead at the executive’s beachside home.

Police officers in Coronado, California, responded to a 911 call from a residence at 1043 Ocean Boulevard yesterday and referred what they called a “suspicious death” to the homicide detail of the San Diego County Sheriff’s Department, according to a statement on the department’s website. The dead woman is Rebecca Nalepa, 32, identified by the sheriff’s department as the homeowner’s girlfriend.

“It’s just a little panic selling,” David Amsellem, an analyst with Piper Jaffray & Co. in New York, said in a telephone interview today. “There’s no question that Jonah is very much the face of the company and very much a part of the overall vision and strategy.”

Shacknai, 54, founded the company in 1988 and is the chairman. He held 904,214 shares of Medicis stock as of May 19, amounting to about $35 million, according to data compiled by Bloomberg. Shacknai drew a salary of $1.135 million last year, according to a company regulatory filing. His total compensation, including stock awards and non-equity incentive plan compensation, was $6.3 million.

Read the entire Bloomberg story here.



Coronado Times Staff
Coronado Times Staff
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