SafeNet Securities Class Action Pared Down

Law360, New York (August 6, 2009, 4:17 PM EDT) -- The federal judge overseeing a securities class action against software security firm SafeNet Inc. and a group of directors and officers has excused seven executives, but kept actionable claims of stock options backdating against the company and two former bigwigs.

Judge Paul Crotty of the U.S. District Court for the Southern District of New York on Wednesday dismissed the six named directors from the suit and one of SafeNet's former chief financial officers, Kenneth Mueller, saying the plaintiffs had failed to make a case against them....
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