Court Boots Finisar Backdating Case

Law360, New York (September 22, 2009, 7:08 PM EDT) -- A federal judge has thrown out a derivative case accusing optical networking provider Finisar Corp. and its current and former board members of improperly backdating stock option grants, finding that a group of plaintiffs failed to allege specific details about the company’s backdating practices.

Judge Ronald M. Whyte of the U.S. District Court for the Northern District of California on Tuesday granted motions by the Sunnyvale, Calif.-based company and the individual defendants to dismiss the suit, and refused to allow the City of Worcester Retirement System...
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