Novellus Options Lawsuit Goes Away

Lora Bentley

This piece brings a bit of a different spin to a story we've covered since its inception: the stock option backdating scandal.


First came the Securities and Exchange Commission and Department of Justice investigations, then the CEO, CFO and general counsel dismissals or resignations, then the class action lawsuits brought on behalf of shareholders injured by the backdating.


Unlike most of the media coverage concerning the scandal, this piece highlights Novellus, which the SEC says it won't investigate because an internal review "exonerated" the company. Novellus attorneys say shareholders who had filed a lawsuit against the San Jose, Calif.-based semi-conductor maker requested voluntary dismissal last week.


That may not be the end of it, though. The story says attorneys for the shareholders are accusing their opponents of making "false and misleading statements" and that they will not comment on the status of the case.

Add Comment      Leave a comment on this blog post

Post a comment





(Maximum characters: 1200). You have 1200 characters left.




Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.