Mindspeed Brass Sued Over CEO's Stock Awards

Law360, Los Angeles (January 3, 2013, 7:24 PM EST) -- A Mindspeed Technologies Inc. shareholder filed a derivative suit Wednesday accusing the semiconductor maker's CEO Raouf Y. Halim and other top executives of violating a shareholder-approved incentive plan by awarding shares of stock to Halim in excess of agreed amounts.

The suit, filed by shareholder Clark Leips on behalf of Mindspeed, raises allegations that the company's board of directors breached their fiduciary duties when it granted the company's CEO equity awards that exceeded the limits allowed by Mindspeed's long-term incentives plan by 400,000 shares of restricted...
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