ESSI Options Backdating Suit Hits Federal Court

Law360, New York (June 15, 2009, 12:00 AM EDT) -- Former directors of defense contractor Engineered Support Systems Inc. backdated stock options, and the directors of a rival that merged with ESSI and global accounting firm PricewaterhouseCoopers covered up the fraud, a putative class action lawsuit claims.

In a complaint transferred to the U.S. District Court for the Eastern District of Missouri from the Circuit Court for the City of St. Louis Monday, the potential class members claim that Michael F. Shanahan, the former chairman and CEO of ESSI, as well as other executives and directors...
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