BACKDATED STOCK OPTIONS
 

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

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

Regarding Cyberonics, as reported in The Wall Street Journal, "The Houston, Texas, medical-device maker disclosed on June 27 that it received a subpoena on Monday from the U.S. Attorney's Office for the Southern District of New York, requesting documents relating to its stock options grants. On June 8, a stock analyst at SunTrust Robinson Humphrey questioned a June 15, 2004, stock option grant, asserting it was made in the evening, following a vote that day by an FDA advisory panel recommending approval of a Cyberonics medical device. The potential value of the option surged on June 16, when Cyberonics shares rose 78%. On June 9, the Journal reported that the SEC has launched an informal investigation. Cyberonics has denied wrongdoing.  On Nov. 20, 2006, the company announced the resignation of its CEO and CFO on the same day it said it saw charges of up to $10 million for options issues.”

If you are a current stockholder in Cyberonics 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.