Schiffrin & Barroway

1. Deal In Juniper Backdating Case Gets Judge's Nod

Friday, Nov 14, 2008

A judge has given final approval to a settlement that ends derivative claims brought by shareholders on behalf of Juniper Networks Inc. over alleged stock options backdating — a move that will allow the information technology company to recover $22.7 million as a result of stock repricing by some of its senior officers and directors.

2. Backdating Suit Against Affymetrix Execs Continues

Monday, Oct 27, 2008

Current and former executives and board members of genetic testing materials company Affymetrix Inc. can be held liable for misconduct related to stock options backdating, a judge decided on Friday.

3. Colgate-Palmolive ERISA Suits Consolidated In NY

Friday, Oct 24, 2008

A Manhattan district judge has consolidated three putative class actions brought by employees against Colgate-Palmolive Co. that allege the toothpaste maker and its cash-balance retirement plan miscalculated their pension benefits.

4. Judge OKs Deal Worth $30M In McAfee Backdating Suit

Monday, Oct 13, 2008

A judge has given preliminary approval to a settlement worth approximately $30 million, marking a pivotal step toward ending a derivative lawsuit shareholders brought against several officers and directors of McAfee Inc. over their alleged stock option backdating practices.

5. Court Flings Dell Shareholder Class Action Aside

Friday, Oct 10, 2008

A federal judge has tossed a consolidated shareholder class action alleging Dell Inc., its top brass and PricewaterhouseCoopers LLP schemed to defraud investors, ruling that the plaintiffs failed conclusively to meet pleading standards.

6. 11th Circ. Dumps Home Depot Charge-Back Fraud Case

Thursday, Oct 09, 2008

A federal appeals court on Wednesday dismissed a class action alleging that Home Depot Inc. fraudulently obtained excessive rebates from vendors, leading to significant stock losses when the company had to restate three years' worth of earnings report.

7. NY Court Revives Shareholder Suit V. Comverse

Wednesday, Oct 08, 2008

Internal attempts by telecom company Comverse Inc. bosses to rectify illegal options backdating practices were not sufficient to head off a shareholder lawsuit, a New York appeals court ruled on Tuesday.

8. Court Nixes Class Bid By Halliburton Shareholders

Wednesday, Oct 01, 2008

A federal judge in Texas has shot down a pension fund's bid for class status in a securities fraud case against energy company Halliburton Co.

9. Staples Wage-And-Hour Suit Stays Alive

Wednesday, Oct 01, 2008

A federal judge has rejected Staples Inc.'s attempt to dismiss a proposed class action that accuses the office products company of violating state minimum wage and overtime laws.

10. Judge Certifies Class In ERISA Suit Against Schering

Tuesday, Sep 30, 2008

A federal judge on Monday granted class action status to a five-year-old ERISA case that alleges Schering Plough Corp. and its fiduciaries misled employees about the value of its own stock, causing them to invest their pensions in securities that ultimately lost tens of millions in value.

11. Judge Gives Initial OK To Apple Backdating Deal

Wednesday, Sep 10, 2008

A federal judge has granted preliminary approval to a $14 million settlement between Apple Inc., several of its highest executives — including CEO Steve Jobs — and a group of civil plaintiffs in a lawsuit over a stock option backdating scheme.

12. No More Discovery From Sprint In FLSA Case: Judge

Friday, Aug 29, 2008

A federal judge has ruled that Sprint Nextel Corp. does not need to produce documents concerning employees' complaints against it, and a witness to testify about those complaints, as part of a proposed class action alleging that the company has not paid its sales representatives for all the hours they worked.

13. Most Claims Stand Against Maxim In Backdating Suit

Friday, Aug 29, 2008

Taking a stern view of stock option backdating, a federal court Wednesday backed the majority of shareholders' allegations that the top brass of Maxim Integrated Products Inc. fraudulently backdated stock options worth hundreds of millions of dollars.

14. Juniper Reaches $22.7M Backdating Deal

Wednesday, Aug 27, 2008

A proposed settlement has been brokered that will lay to rest derivative claims brought by shareholders on behalf of Juniper Networks Inc. over alleged stock options backdating, in a move that will see the information technology company recovering $22.7 million as a result of stock repricing by some of its senior officers and directors.

15. Integrated Deal Stalled Over Possible WSGR Conflict

Thursday, Aug 14, 2008

A California district court has put the brakes on an options backdating settlement reached between shareholders of Integrated Silicon Solutions Inc. and the company's officers and directors, demanding more information about the law firm Wilson Sonsini Goodrich & Rosati PC's relationship with Integrated Silicon.

16. 2nd Circuit’s Dynex Decision: A Sensible Approach

Friday, Aug 01, 2008

The Second Circuit’s affirmation of “corporate scienter” in Dynex II underscores the continuing importance of traditional principles of agency in attaching securities fraud liability to a corporate defendant for the acts of its employees, say Sharan Nirmul and Naumon A. Amjed of Schiffrin Barroway Topaz & Kessler LLP.

17. Plaintiffs Seek Approval Of Integrated Silicon Deal

Friday, Jul 25, 2008

The plaintiffs in the consolidated class action against Integrated Silicon Solution Inc. have filed an extended memo urging the court to approve the settlement reached in the case, arguing that the settlement has already produced substantial benefits for the company and its shareholders.

18. Plaintiffs Battle For Lead Role In Vytorin ERISA Suit

Tuesday, Jul 01, 2008

The lead plaintiffs in a shareholder lawsuit over Merck & Co. Inc.'s shelved Vioxx painkiller have asked to assume the role of lead plaintiff in a new proposed multidistrict litigation over allegations that the company covered up evidence that its cholesterol drug Vytorin was less effective than advertised.

19. Judge Drops Some Claims In Atmel Backdating Case

Thursday, Jun 26, 2008

A judge has dismissed some claims and refused to toss others in a derivative lawsuit alleging that directors and officers of Atmel Corp. backdated stock options.

20. Judge Finds Federal, State Claims Can't Co-Exist

Monday, Jun 09, 2008

The judge in a putative collective action that accuses CitiFinancial Inc. of failing to pay overtime to its financial service representatives has pared down the plaintiff's case, ruling that the federal and state law claims at issue are inherently incompatible.