BACKDATED STOCK OPTIONS
 

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

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

Regarding Michaels Stores, as reported in The Wall Street Journal, "On June 14, the Irving, Texas, operator of arts-and-crafts stores said it understated compensation expenses by as much as $60 million between 1990 and 2001 because of stock options dating problems. On June 15, the company received a request from the SEC for it to retain documents for future production to the SEC. The company said it received a grand jury subpoena June 16 issued by the U.S. District Court for the Southern District of New York requesting documents relating to options grants during the period 1996 to the present. The company said Sept. 7 that a report from the company audit committee's independent legal counsel didn't support a conclusion that there had been intentional misconduct. Michaels said Sept. 7 that the U.S. Attorney for the Southern District of New York had withdrawn its grand jury subpoena in connection with the transfer of the matter to the Fraud Section of the Department of Justice. Michaels also said it received a grand jury subpoena issued by the U.S. District Court for the Northern District of Texas requesting options-related documents, which it believes are related to the transfer of the case."

If you are a current stockholder in Michaels Stores 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, Sophie Horowitz.  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.