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Posted by / 10-Feb-2020 12:10

Optionbackdatinglitigation com

Because only one director (who received an allegedly backdated grant) was arguably "interested," plaintiffs were not entitled to usurp the Board's authority to decide whether or not to pursue litigation.Although noting that it was inclined to grant defendants' motion to dismiss with prejudice, given plaintiffs' repeated amendments to their complaint, the Court requested additional briefing as to whether the plaintiffs were entitled to limited discovery regarding the Compensation Committee members' possible involvement in alleged backdating.

In particular, the Court did not find an inference of backdating where: The Court ultimately found that plaintiffs adequately alleged that three grants were backdated.Options backdating involves falsifying incentive option grant dates in order to increase the value of the options to executives.The manipulation of grant dates leaves a measurable statistical fingerprint, which we used to estimate the likelihood of backdating among not only companies sued for the practice, but across a sample of thousands of firms that used option compensation.We compare the likelihood that firms backdated with the incidence and disposition of shareholder derivative and securities class action lawsuits.We find that many firms that likely engaged in backdating were never sued and that even firms publicly named as backdaters in the press were not universally sued.

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