Finisar Shareholders Try To Revive Backdating Suit

Law360, New York (October 28, 2009, 3:14 PM EDT) -- Down but not yet out, shareholders of optical networking provider Finisar Corp. have appealed a federal judge’s decision to toss a derivative suit accusing the company’s brass of improperly backdating stock option grants.

On Tuesday, the City of Worcester Retirement System and three other plaintiffs lodged their appeal at the U.S. Court of Appeals for the Ninth Circuit, challenging the lower court’s dismissal of claims that the Finisar board manipulated grants worth more than $100 million and falsified regulatory filings.

Judge Ronald M. Whyte of the...
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