Thursday, July 20, 2006

Counting the Options Backdating Lawsuits

The information in this post was last updated on May 27, 2008

The purpose of this blog post is to track options backdating related litigation. All of the companies that have been sued -- and of which the The D & O Diary is aware -- have been listed below. The D & O Diary will update this information as additional companies are sued, or as loyal readers advise The D & O Diary of any omissions. The D & O Diary will note at the top and bottom of this post the date on which the information was most recently updated, and will indicate in red which information has been most recently added. Readers interested in keeping up to date on the number of lawsuits will want to check back frequently. The running tallies below are meant to include a listing of any company that has been sued based on allegations of options timing manipulations, regardless whether the allegations are based on options backdating, options springloading, or hiring-related options timing.

Securities Fraud Class Actions (Total as of latest update = 38):

1. American Tower
2. Amkor Technology (see discussion of this case here)
3. Apple Computer
4. Apollo Group
5. Aspen Technology
6.
Broadcom
7. Brocade Communications
8. Brooks Automation
9. Comverse Technology
10. Cyberonics
11. Hansen Natural Corporation
12. HCC Insurance Holdings
13.
Jabil Circuit

14. Juniper Networks
15. KLA-Tencor
16. Marvell Technology Group
17. Maxim Integrated Products
18.
Meade Instruments

19. Mercury Interactive
20. Michaels Stores
21. Monster Worldwide
22. Newpark Resources (see discussion of this case here)
23.
Openwave Systems
24. PainCare Holdings (see discussion of this case here).
25.
Quest Software
26. Rambus
27. SafeNet
28. Semtech
29. Sonic Solutions
30.
Sunrise Senior Living
31. TeleTech Holdings
32. The Children's Place Retail Stores
33. Vitesse Semiconductor
34. United Health Group
35. UTStarcom
36.
Wireless Facilities
37.
Witness Systems
38. Zoran (see discussion of this case here).


Shareholders Derivative Lawsuits (Total as of latest update = 166):

1. Actel
2. Activision
3. Adobe Systems
4. Affiliated Computer Service
5. Affymetrix
6. Agile Software
7. Alkermes
8. Altera
9. American Tower
10. Amkor
11. Analog Devices
12. Apollo Group
13. Apple
14. Applied Micro Circuits
15. Arthrocare
16. Aspen Technology

17. Asyst

18. Atmel
19. Autodesk
20. Barnes and Noble
21. BEA Systems
22. Bed Bath and Beyond

23. Biomet
24. Black Box

25. Blue Coat
26. Boston Communications Group
27. Broadcom
28. Brocade Communications
29. Brooks Automation
30. CA, Inc.
31. Cable Vision Systems

32. Cardinal Health
33. Caremark Rx
34. Ceradyne
35. Cheesecake Factory

36. Children's Place Retail Stores
37. Chordiant Software

38. Cirrus Logic
39. Cisco Systems

40. Citrix Systems
41. Clorox

42. CNET Networks
43. Coherent
44. Computer Sciences Corp.
45. Comverse Technology
46. Corinthian College
47. Countrywide Financial Corp.
48. Crown Castle International

49. Cyberonics
50. Delta Petroleum
51. Dean Foods

52. Digital River
53. Ditech Networks
54. Eclipsys
55. Electronic Arts

56. Electronics for Imaging
57. Embarcadero Technologies
58. EMCORE

59. ePLUS
60. Equinix
61. F5 Networks
62. Family Dollar
63. Finisar
64. Flir Systems
65. Flowserve
66. Fossil
67. Foundry Networks

68. Getty Images
69. Glenayre Technologies
70. Hain Celestial Group
71. HCC Insurance Holding

72. Home Depot

73 Hansen Natural Corp.
74. Hot Topic
75. Hovnanian Enterprises
76. i2 Technologies
77. iBasis
78. Infosonics
79. Insight Enterprises

80. Integrated Silicon Solutions

81. Intuit
82. J2 Global Communications
83. Jabil Circuit
84. Juniper Networks
85. Jupitermedia Corp.
86. KB Homes
87. Keithley Instruments
88. KLA-Tencor

89. Kopin Corp.
90. KV Pharmaceutical

91. L-3 Communications Holding
92. Lehman Brothers Holdings
93. Linear Technology
94. M-Systems (see note below)
95. Marvell Technology
96. Mattel
97. Maxim Integrated
98. McAfee
99. Meade Instruments
100. Medarex
101. MercuryInteractive
102. Michael's Stores
103. Microtune
104. MIPS Technologies
105. Molex
106. Monster.com
107. MSC Industrial Direct
108. Nabors Industries

109. Network Appliance

110. Newpark Resources
111. Novell
112. Novellus
113. Nvidia
114. Nyfix
115. Openwave
116. Par Pharmaceuticals
117. Pediatrix
118. Peet's Coffee & Tea
119. Pool Corp.

120. PMC Sierra

121. Power Integrations
122. Progress Software
123. Quest Software
124. QuickLogic
125. Redback Networks
126. Rambus

127. Research in Motion
128. RSA Security
129. Safenet
130. Sanmina-SCI
131. Sapient
132. ScanSource
133. SecureLogic Corp.
134. Semtech
135. Sepracor
136. Sharper Image
137. Sigma Designs
138. Silicon Storage Tech
139. Sonic Solutions
140. Sonus Networks

141. SPSS
142. Staples

143. Sunrise Senior Living
144. Superior Industries International

145. Sycamore Networks
146. Take-Two Interactive
147. Tetra Tech
148. The First American Corp.
149. THQ
150. Trident Microsystems
151. TriQuint Semiconductor
152. Tyson Foods
153. Ultratech
154. Ulticom

155. United Healthcare
156. UTStarcom
157. Valeant

158. Verisign
159. Vitesse Semiconductor
160. Waste Connections
161. Western Digital Corp.
162. Westwood One
163. Wind River Systems
164. Witness Systems

165. Xilinx
166. Zoran Corp

ERISA or 401(k) Litigation (Total as of latest update = 5):

1. United Health Group

2. Affiliated Computer Services
3.
Analog Devices
4. KB Homes
5. The Home Depot



In addition to these lawsuits, SanDisk Corporation has been sued in connection with its proposed acquisition of M-Systems. The defendants include not only SanDisk, but M-Systems and certain directors and officers of M-Systems. The lawsuits allege that the terms of the deal are not fair to M-Systems shareholders. In addition, the plaintiffs allege that the M-Systems officers and directors breached their fiduciary duty to M-Systems shareholders by backdating stock options and sought to further their own interests by approving the merger. A description of the lawsuit may be found here. Special thanks to Adam Savett of the Lies, Damned Lies blog for bringing this lawsuit to the attention of The D & O Diary.

Also, Sycamore Networks has been named in a lawsuit brought by a former employee, in which the former employee alleges that his employment contract was terminated because he complained about the company’s stock option practices. A Wall Street Journal article (subscription required) describing the lawsuit can be found
here.


The information in this post was last updated on: February 9, 2008.


1 Comments:

Blogger jonesy2929 said...

Is there a list of the number of cases that have settled and the amounts they settled for?

5:58 PM  

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