8th Circ. Grills SEC In ESSI Exec Backdating Suit

Law360, New York (January 11, 2011, 4:38 PM EST) -- At least one Eighth Circuit judge expressed skepticism Tuesday over whether federal regulators could hold a former Engineered Support Systems Inc. director liable for failing to tell investors that the military supply company issued backdated stock options to executives.

The U.S. Court of Appeals for the Eighth Circuit heard oral arguments in the U.S. Securities and Exchange Commission’s case against Michael Shanahan Jr., who served on ESSI's board of directors and was a member of the company's compensation committee. The court took the case under advisement....
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