Cirrus Revises Backdating Settlement Offer

Law360, New York (March 13, 2009, 12:00 AM EDT) -- Cirrus Logic Inc. has asked a federal judge to approve a revised settlement in a shareholder derivative suit alleging a stock options backdating scheme by the semiconductor maker's executives.

The company, which failed to win the court's blessing for its first proposed settlement, filed a motion for preliminary approval of the revamped deal in the U.S. District Court for the Western District of Texas on Friday.

Cirrus, the nominal defendant in the action, said it had renegotiated certain key terms in the initial settlement proposal with...
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