Securities Fraud Lawyer - Staples, Inc. Stock Option Backdating

Shapiro Haber & Urmy LLP filed a shareholder derivative action on behalf of Staples, Inc. against certain current and former directors and officers of the company on December 15, 2006 in the Delaware Court of Chancery. This action was brought to recover damages caused to Staples as a result of the Defendants' alleged systematic backdating of Staples stock options issued to the Defendants and others, in violation of Staples's stock option plans.

On July 20, 2010, the Delaware Chancery Court approved a settlement of the case for $8.2 million and Staples' agreement to adopt certain governance reforms of its option granting practices.  As reported by Bloomberg News, the Court commented that this was a good settlement with meaningful relief obtained.