Ex-Cyberonics CEO Defies Options Reports In 2nd Circ.

Law360, New York (March 4, 2011, 4:54 PM EST) -- An attorney for the former CEO of Cyberonics Inc. told the Second Circuit on Friday that his client was defamed by analyst reports from Suntrust Capital Markets Inc. that mischaracterized stock options he had been given as improperly backdated.

"These option grants were not illegal, [they] were not unethical," Julius Glickman, an attorney for Robert P. Cummins, told a three-judge panel of the U.S. Court of Appeals for the Second Circuit.

Cyberonics' board gave Cummins and other executives lucrative stock options on June 15, 2004, the...
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