Defendants in options backdating litigation involving Maxim Integrated Products and Brocade Communications, as well as options “spring loading” in Tyson Foods, had some rather rough sledding during the week of Feb. 5, 2007.
The decision that has garnered the most notoriety in the legal and financial media is one by the well-respected and influential Chancellor William B. Chandler III of the Delaware Chancery Court in the Maxim case related to options issued to Maxim Chairman John F. Gifford. On Feb. 6, the chancellor issued an opinion deciding a motion to dismiss in Ryan v. Gifford, et al. (Case No. 2213-N, Court of Chancery, New Castle County, Del.).
This decision is the first major opinion to address several key legal issues that have arisen in the context of the stock options backdating scandal and ensuing litigation.
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