01-Nov-2015 11:41

Stock option back dating marvell

Yarnoff, while practicing at national class-action law firms, gained significant, prior litigation experience as lead, co-lead or counsel in the following actions: A landmark $3.2 billion settlement including the then largest securities class-action recovery from a single corporate defendant ($2.975 billion) and the second largest auditor settlement ($225 million). The parties reached an agreement to settle the action for a total of $2.425 billion in cash and certain corporate governance improvements to be implemented or continued by Bo A, which has been approved by the Court. After denying defendants’ motions to dismiss and certifying a class of Brocade investors who were damaged by the alleged fraud, the case settled for $160 million and was approved by the Court. The case settlements were among the largest recoveries in antitrust history.

Y.) A securities class action on behalf of certain shareholders and bondholders of Lehman Brothers Holdings Inc.’s (“Lehman”) in connection with untrue statements and omitted materials facts regarding, among other things, Lehman’s use of undisclosed repurchase and resale transactions, failures to adhere to risk limits, and misstatements concerning Lehman’s concentration of mortgage and real estate-related assets, preventing investors from meaningfully assessing Lehman’s exposure to these risky assets. On March 31, 2011, the court issued an Opinion and Order substantially denying Defendants’ motions to dismiss. Eventually, Marvell conceded that it understated the effect of its compensation expense and overstated net income. Cal.) A securities class action alleging that Defendants engaged in repeated violations of federal securities laws by backdating options grants to top executives and falsifying the date of stock option grants and other information regarding options grants to numerous employees from 2000 through 2004, which, ultimately, caused Brocade to restate all of its financial statements from 2000 through 2005. District Court for the District of South Carolina, scheduled a final settlement hearing for June 17 and gave shareholders until June 3 to file objections.The process of granting an option that is dated prior to the date that the company granted that option.In this way, the exercise price of the granted option can be set at a lower price than that of the company's stock at the granting date.This process makes the granted option in-the-money and of value to the holder. Y.) A class action on behalf of certain Wachovia debt holders alleged that Wachovia sold more than $35 billion of bonds to investors in a series of public offerings while misrepresenting the true nature and quality of Wachovia’s “Pick-A-Pay” Option ARM mortgage loan portfolio, and Wachovia’s exposure to billions of dollars of losses in mortgage-related assets. Y.) A case alleging artificial inflation of stock prices due to improper laddering and the payment of excessive commissions to secure IPO stock allocations during the 1990s’ “dot-com” boom. A $300 million class-action settlement against auto-parts manufacturer Delphi Corporation (reduced as a result of bankruptcy), including an additional $38 million recovery against Delphi’s outside auditor. (“Marvell”) and three executive officers, involving an alleged options backdating scheme from June 2000 through June 2006, which enabled Marvell’s executives and employees to receive options with favorable option exercise prices selected with the benefit of hindsight, violating Marvell’s stock option plan while avoiding hundreds of millions of dollars in compensation expenses on Marvell’s books.

Cal.) A securities class action filed against Marvell Technology Group Ltd.

Law360, New York (April 20, 2009, AM ET) -- A federal judge on Monday preliminarily approved a settlement in litigation accusing bar code provider Scan Source Inc.'s principals of unlawfully granting backdated stock options to company brass.

According to a stipulation of compromise and settlement, filed with the court April 15, the defendants in the action deny wrongdoing but acknowledge that the litigation...

This process occurred when companies were only required to report the issuance of stock options to the SEC within two months of the grant date.

Companies would simply wait for a period in which the company's stock price fell to a low and then moved higher within a two-month period.

The company would then grant the option but date it at or near its lowest point.

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