BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By Cirrus Logic

Shapiro Haber & Urmy LLP is currently investigating stock options backdating practices at over 100 companies, including Cirrus Logic.

Regarding Cirrus Logic, as reported in The Wall Street Journal, "The Austin, Texas, circuit developer said on Oct. 24 that the company has found information that "raises potential questions" about the measurement dates used to account for certain stock-option grants. A special board committee will conduct a more detailed review of option grants, and has engaged independent outside counsel.  On Oct. 30, 2006 the company said the SEC is informally investigating past stock-option practices. On March 7, 2007 the company released the results of its internal probe, announcing CEO and President David D. French resigned over his role in back-dating options. The company also plans to restate its financial statements for 2001 through 2006 and for the first quarter of fiscal year 2007. It plans a noncash stock-based compensation expense in the range of $22 to $24 million.”

If you are a current stockholder in Cirrus Logic and would like to learn about your legal rights in seeking to remedy improper options backdating at the company, please click here or call 800-287-8119 to contact our paralegal, Victoria Bird.  Our initial consultation and case assessment will be done at no charge or obligation to you.

Shapiro Haber & Urmy LLP is a leading force in bringing lawsuits on behalf of shareholders who own stock in corporations implicated in the rampant and ongoing stock options backdating scandal.  Led by attorneys Edward F. Haber and Michelle H. Blauner, our firm has already filed numerous cases, in both state and federal courts, concerning the improper backdating of stock options granted to officers, directors, and executives who appear to have used backdated stock options to create for themselves tens, or even hundreds, of millions of dollars in profit and unrealized gain at the direct expense of their corporations.

To learn more about our efforts targeting unlawful corporate stock options practices at corporations nationwide, please click here to view our main stock options backdating webpage, which contains detailed explanations of stock options, option backdating, and why option backdating can be illegal.  Also featured are complaints filed by our firm in other stock options backdating cases, as well as a full list of all the corporations we are currently investigating.