Citrix Settles Derivative Suits Over Backdating

Law360, New York (November 17, 2008, 12:00 AM EST) -- Business software maker Citrix Systems Inc. has agreed to settle a shareholder derivative action over stock options backdating by company executives, 18 months after revealing discrepancies in its accounting of equity awards.

Seeking the court's approval of the settlement, the four shareholder plaintiffs told the U.S. District Court for the Southern District of Florida on Friday that Citrix had agreed to a thorough overhaul of its options-granting practices in exchange for resolving the litigation.

Under the terms of the settlement, Citrix will improve its corporate governance...
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