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In the third largest options backdating-related securities class action lawsuit settlement, Maxim Integrated Products has agreed to settle the claims against all defendants in the options-related securities suit pending against the company for a payment of 3 million.
According to the company’s May 5, 2010 press release (here), the after tax cost to the company from the settlement, which is still subject to documentation and court approval, would be 0 million.
The companies were awarding the options later but then marking the awards to earlier dates, when the stock's price was low.
The SEC had previously sued the company and its CEO in an options backdating enforcement action (about which refer here).
The CEO, Jack Gifford, who settled the SEC charges for a payment of $800,000 has since passed away.
As detailed in a prior post (here), on February 6, 2008, plaintiffs’ lawyers announced (here) that they had initiated a securities class action lawsuit in the United States District Court for the Northern District of California against Maxim Integrated Products and certain of its directors and officers.
The lawsuit relates to Maxim’s January 17, 2008 announcement (here) that, as a result of its Board’s special committee’s investigation of the company’s stock option practices, the company would be restating its financial statements to record non-cash, pre-tax charges of between $550 and $650 million for additional stock-based compensation expense.
And yesterday brought the second biggest backdating settlement of all time.
The Risk Metrics Group's Securities Litigation Watch has compiled a database of all the class action backdating lawsuits and their ultimate outcomes.
The team delved into the company’s documents and internal correspondence, uncovering United Health’s pervasive options backdating scheme.
Robbins Geller attorneys also collectively took more than 50 depositions and engaged in significant motion practice in the months leading up to the close of discovery.
United Health Group is one of many companies that became the target of investigations by federal prosecutors and the U. Securities and Exchange Commission over alleged stock options backdating. Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.Tags: Adult Dating, affair dating, sex dating