BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By HCC Insurance Holdings

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

Regarding HCC Insurance Holdings, as reported in The Wall Street Journal, "On Nov. 17, 2006, HCC said the board investigation of grants since 1995 found incorrect measurement dates for certain grants covering a "significant" amount of employees. The cumulative pretax financial impact of additional noncash charges is unlikely to exceed $37 million, and the Houston-based insurer said it plans to continue cooperating with the SEC's informal inquiry. HCC said Stephen Way resigned as CEO. Way, who founded the company, will serve as the non-executive chairman. Also, Chris Martin resigned as general counsel.  On Dec. 27, 2006, the company said Way mispriced options in an effort to retain talent and "provide employees with the best option price."”

If you are a current stockholder in HCC Insurance Holdings 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.