McKesson Corp. agreed to pay $960 million to end one of the largest securities class actions ever. Investors had sued in 1999 after McKesson merged with HBO & Co., then revealed accounting irregularities that triggered a $9 billion drop in the health care giant’s value in a single day. “This is a tremendous achievement,” said David Stickney, a partner at Bernstein Litowitz Berger & Grossmann who represented the lead plaintiff.
Google and its general counsel, David Drummond, reached a settlement with the Securities and Exchange Commission in connection with the company’s failure to register more than $80 million in employee stock options in the two years before its blockbuster IPO. Google and Drummond weren’t fined, but they did agree to cease and desist from future securities laws violations. The SEC found that Drummond had acted on advice from inside and outside counsel. Those lawyers weren’t named, but Google had been a Wilson Sonsini Goodrich & Rosati client since its incorporation in 1998.
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