Pzena Investment Management, Inc. Provides Preliminary Information Related to One-Time Events
Pzena Investment Management Inc Class A (PZN)
Last pzena investment management inc class a earnings: 7/17 04:15 pm
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Source: GlobeNewswire
NEW YORK, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Pzena Investment Management, Inc. (NYSE: PZN) provides preliminary information related to the anticipated financial impact of one-time events. During December 2019 and the first quarter of 2020, we intend to issue approximately 5.4 million unit-based awards to a number of the firm’s key contributors pursuant to the terms of our equity incentive plans. As a result of these issuances, in addition to costs related to certain employee departures and other one-time items, the firm will recognize approximately $25 million in non-recurring Compensation and Benefits expense in the fourth quarter of 2019 based on the current share price. Most of this cost is non-cash and the exact amount of such expense will be a function of the closing price on the date of issuance. We believe the key contributors to our success should have a significant ownership stake in our business. As of December 31, 2019, we will have 54 employee-owners, including our t
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