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Stock Options

Houston, TX: (Jan-04-08) A shareholders lawsuit was filed against Nabors Industries Ltd, the world's largest onshore oil and gas drilling contractor, over the company's past stock option grant practices. The suit stemmed from a 2007 investigation that revealed that several of the company's past stock option grants were misdated, but there was no evidence of intentional wrongdoing or fraud. Records show that the SEC started an informal review of the company's stock option award process in December 2006, but closed the probe in May 2007 without taking action.

As part of a settlement reached, Nabors Industries agreed to policy changes under the agreement with shareholders apart from providing $2.85 million for attorney fees and costs. The Hamilton, Bermuda-based company agreed to implement certain corporate governance reforms, a new equity award policy, and a modified Compensation Committee charter under the new deal. [REUTERS: STOCK OPTION FRAUD]


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Published on Jan-7-08


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