Optionbackdatinglitigation com

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A total of 181 lawsuits alleged that executives were overpaid through improperly timed stock-option awards at companies, including United Health Group and Broadcom A settlement in the final suit, involving fiber-optics supplier Finisar, was approved last month.The settlements cost companies and their executives, auditors and advisers a combined .3 billion, Audit Analytics said.In contrast to many option backdating cases was announced, semiconductor developer Circus Logis, Inc disclosed that the SEC had ended its investigation of the company regarding backdated stock options. Crilly (along with the prejudgment interest) and to the payment of a civil fine equal to his disgorgement payment. Crilly consented to the entry of an order also requiring him to disgorge his trading profits, prejudgment interest and to pay a civil fine equal to the amount of his disgorgement payment. By breaching his pledge to his friend the SEC alleges Mr. In addition, he consented to an order requiring him to disgorge the trading profits plus prejudgment interest and to pay a penalty equal to the trading profits. Following notification of an informal inquiry by the SEC into its options issuances practices, Circus Logis undertook an internal investigation. Filed March 5, 2008) the SEC again demonstrated that it is not the amount in question but the conduct. Lead counsel Gardy & Notis, LLP achieved a settlement of the case that includes forfeited options, option repricings and/or relinquishment of certain other employment benefits by former CEO William W. The settlement is the largest shareholder derivative action settlement ever achieved as well as the largest settlement of any case involving backdated stock options. They reviewed millions of pages of documents, performed legal research, engaged in motion practice, and participated in the proceedings before the Minnesota Supreme Court and in lengthy settlement discussions....

According to Xilinx’s February 2, 2007 10-Q (here), on January 8, 2007, the U. District Court for the Northern District of California dismissed with prejudice the consolidated shareholder derivative lawsuit that had been filed against members of the company’s board and certain of the company’s officers.This instant paper gain was equivalent to extra compensation and was thus a cost to United Health Group.United Health Group, however, failed to include the costs associated with this extra compensation in its financial results, and thereby overstated its profits. Hemsley and others, the total value of which is approximately 5 million (Black Scholes) or 0 million (intrinsic). In approving the settlement, the Court found:"Plaintiffs' Counsel spent significant time and labor prosecuting this lawsuit.Here are the dismissals: On March 26, 2007, the United States District Court for the Central District of California dismissed the backdating-related derivative complaint that had been filed against certain of Computer Sciences Corp.’s directors, as well as against CSC as nominal defendant.The Court found that because four of the six director defendants had neither approved nor received the allegedly backdated options, the plaintiffs had failed to allege facts to show that a majority of CSC’s board faced a substantial likelihood of liability.

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