Harsher Allegations In New Novellus Lawsuit

Law360, New York (May 25, 2007, 12:00 AM EDT) -- A news release in early May touting Morrison & Foerster LLP’s victory in defending Novellus Systems Inc. from a stock options backdating lawsuit proved weeks too early after a modified complaint with harsher allegations reappeared on Thursday.

The shareholder derivative lawsuit, first filed in May 2006, accused Novellus Systems of improperly dating stock options grants for over ten years. The suit also accused the CEO, Richard Hill, chief business officer and 11 current and former board members of breaching their fiduciary duties.

In March, Judge Ronald...
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