Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

Pension Fund Stock Options

San Jose, CA: (Oct-15-07) A lawsuit was brought against Mercury Interactive, by a group of pension funds, alleging that there were concerns about the company's stock options practices. As part of a settlement reached, Mercury Interactive agreed to pay $117.5 million to resolve allegations. This move came after the company settled with the US Securities and Exchange Commission, over options backdating, paying the agency $28 million. The SEC also brought charges against four top former executives of the company, claiming that the four perpetrated a fraudulent and deceptive scheme from 1997 to 2005 to award themselves and other employees undisclosed, secret compensation by backdating stock option grants, failing to record hundreds of millions of dollars of compensation expense, and falsifying documents to further this scheme. The recent settlement was reached after Mountain View-based Mercury Interactive, was acquired by Palo Alto-based Hewlett-Packard Co. in 2006, for a sum of $4.5 billion. [SAN JOSE BUSINESS JOURNAL: PENSION FUND STOCKS]


Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
Published on Oct-16-07


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free