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business newsReport of Medicis CEO's Dead Girlfriend Triggers Sell-Off
By
Brett Chase
Jul 14, 2011 12:15 pm
A 32-year-old woman was found dead under suspicious circumstances at the California mansion of CEO Jonah Shacknai.
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Medicis fell more than 3% to $38.70 in morning trading Thursday. The stock is still up 58% over the past year as it expands its line of products that compete with Botox and other aesthetic treatments.
Rebecca Nalepa, 32, was found dead at Shacknai’s mansion in Coronado, California, NBCSanDiego.com reports. Authorities told NBCSanDiego that the woman appeared to have died a “violent” death. The woman was one of two guests staying at the house, the website reported. An unidentified male guest called 911 Wednesday morning to report a possible death, the NBC affiliate reports. The woman was found naked with her arms and feet bound with orange cord, according to a report by MyFoxPhoenix.com. Medicis is based in Scottsdale, Arizona.
According to multiple reports, Shacknai has been tending to his 6-year-old son from a previous marriage at a San Diego children’s hospital after the boy suffered a serious injury from a fall at the executive’s mansion on Monday.
Asked for comment, the company issued this statement: “The Medicis family is deeply saddened to learn of a tragic incident at a California property owned by Jonah Shacknai. Our thoughts are with Jonah and his family and ask that the family’s privacy be respected during this difficult period. At this time, the company has no further comment.”
A former congressional aide and lawyer, Shacknai, 54, founded Medicis in 1988 and has been chairman and chief executive since. Shacknai’s total compensation last year was $6.3 million, which includes a salary of $1.1 million and stock awards of just under $4 million, company securities filings show.
Medicis sells acne treatments and cosmetic products like wrinkle-fill injectable Restylane. It also sells Botox competitor Dysport, an injection for temporary treatment of frown lines. The company reported net income of $123 million on sales of about $572 million last year. The aesthetic products are a smaller but fast-growing part of the company’s business as Medicis aims to be a more formidable rival to Botox maker Allergan (AGN).
No positions in stocks mentioned.
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