BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By Engineered Support Systems

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

Regarding Engineered Support Systems, as reported in The Wall Street Journal, "Parsippany, N.J., military contractor DRS announced on June 12 that it has been advised by the SEC and the U.S. Attorney’s office that each is investigating possible backdating of option grants at recently acquired ESSI, prior to DRS's acquisition of the company, a supplier of logistics and maintenance support. DRS said the U.S. Attorney’s office has advised DRS that it considers DRS to be a witness, not a subject or target of its investigation.  On Feb. 6, 2007, the SEC filed civil charges against two former executives ESSI, accusing them of participating in a six-year options backdating scheme in which they granted in-the-money options to themselves and other executives. Steven Landmann, the former controller, agreed to settle the charges by paying $886,557 and accepting a bar on serving as an officer or director of a public company and a ban on practicing before the SEC as an accountant. Ex-CFO Gary Gerhardt hasn't settled with the SEC.”

If you are a current stockholder in Engineered Support Systems 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.