New Cyberonics Chairman Probed For Backdating

Law360, New York (November 21, 2006, 12:00 AM EST) -- Scandal-ridden former congressman Tony Coelho entered the spotlight again on Tuesday when a Securities and Exchange Commission investigation revealed he received a large discount on medical device maker Cyberonics Inc.’s stock option plan three years before he joined the company’s board.

The SEC is currently reviewing Houston-based Cyberonics over the timing of stock options grants the company had awarded to Robert Cummins, who recently resigned as chief executive officer, chairman, and president of Cyberonics.

The company reported on Friday that it had widespread stock options problems...
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