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Eclipsys Stockholder Claims 20 Insiders Reaped Millions in Alleged Stock Options Scheme
A shareholder of Eclipsys Corp. is suing 20 of the company's past and current officers and directors for allegedly defrauding the company and its stockholders of millions of dollars on falsely backdated stock options. Shareholder Michael L. Hiers also alleges the defendants issued false financial reports, engaged in illegal insider trading and breached their fiduciary duties. He asks that the defendants be compelled to surrender their stock options, disgorge their illegal profits and pay damages.Winners (and losers) have been revealed in the highly competitive contest to be named lead plaintiff and lead counsel for the consolidated securities class action against Bank of America over its ill-fated acquisition of Merrill Lynch.
Michael Ross had one of the bitterest splits with his former employer on record, suing the company for defamation after it blamed him for an options backdating scandal. When the company tried to settle a backdating derivative suit, Ross refused to go along and threatened to blow up the deal. The strategy worked: He's now out of the case.
District Judge Shira A. ScheindlinDecided: June 18, 2010For Plaintiffs' Executive Committee:S
"The incantation of fraud-by-hindsight will not defeat an allegation of misrepresentations and omissions that were misleading and false at the time they were made," stated Manhattan federal district court judge Robert Sweet in a 398-page ruling.
Fastest-Growing Firms: (Ranked by Increase in Number of Pa. Attorneys)
We've said it before and we'll say it again: It's risky out there for derivative plaintiffs who don't send demand letters to the boards they want to sue.
In the ongoing saga of foreign claimants in U.S. securities class actions, UBS investors try to distinguish themselves from overseas plaintiffs who haven't managed to get their day in U.S. courts.
Did Justice Antonin Scalia intend for the U.S. to become the "Shangri-La" for worldwide securities class actions.?
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