MRV Slapped With Options Backdating Suit

Law360, New York (July 10, 2008, 12:00 AM EDT) -- Optical components supplier MRV Communications Inc. has been hit with a proposed class action after announcing last month that it expects to restate its financial statements from 2002 to 2008 due to misdated stock option grants.

The complaint, filed Tuesday with the U.S. District Court for the Central District of California, accuses MRV of making false and misleading statements regarding its stock option grant practices that caused shares to trade at artificially high levels.

It further alleges that the Chatsworth, Calif.-based company's internal accounting controls were...
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