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Posted by / 17-Jul-2017 02:41

Backdating derivative

Fifty-two companies currently under criminal investigation. Moreover, the company avoids having to expense the options as current compensation, thus increasing earnings in the near term. As a consequence, the option is immediately profitable, or “in the money,” to the option holder.This action is brought in the name and for the benefit of United Health Group, Inc.("United Health" or the "Corporation") against certain current and former executive officers and members of the Board of Directors of United Health.Areas of particular emphasis include consumer class actions, securities fraud and corporate governance litigation, antitrust and communications law. Plutzik is admitted to practice in California and the District of Columbia (inactive member), and is a member of the bars of the U. Supreme Court, the Second, Eighth, Ninth, Tenth and District of Columbia Circuits and numerous federal district courts. Over the course of his career, he has handled a wide variety of class actions and derivative cases. Plutzik has also handled a substantial number of cases that raise First Amendment and other constitutional issues, and has represented broadcasters, cable television companies, communications common carriers and consumers in litigation and in administrative proceedings before the Federal Communications Commission and the California Public Utilities Commission.He has written or lectured on topics that include class actions, California consumer law, substantive and procedural issues under the federal securities laws, First Amendment issues of new media and cable television law.She has been named a Massachusetts Super Lawyer numerous times, most recently in 2016. Blauner was named one of the top 50 women lawyers in Massachusetts in 2011, 2012, and 2013. Blauner has been at the forefront of shareholder derivative litigation addressing the nationwide epidemic of improperly backdated stock options.

Although backdating had not yet been recognized as a problem, the provisions of Sarbanes-Oxley requiring that insiders report the acquisition of securities, including options, within two days of receipt greatly hindered the ability of corporations to backdate options.

He helped achieve substantial recoveries for numerous companies injured by option backdating, including KLA-Tencor and Marvell Technology.

Downs led a team of lawyers who successfully prosecuted over sixty-five stock option backdating derivative actions in federal and state courts across the country, resulting in hundreds of millions in financial givebacks for the plaintiffs and extensive corporate governance enhancements, including annual directors elections, majority voting for directors and shareholder nomination of directors.

The backdating problem was first highlighted by Professor Erik Lie of the University of Iowa, who published his initial study in 2004.

Professor Lie concluded that the robust profitability of so many options was statistically impossible absent some artificial influence such as backdating.

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Shareholder derivative action filed on behalf of Plaintiffs the St.

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