Cisco Execs Face Derivative Suit Over $5.7B Buyback

Law360, New York (April 21, 2011, 2:54 PM EDT) -- A Cisco Systems Inc. shareholder filed a derivative suit Wednesday in California claiming the company's top executives and board of directors breached their fiduciary duties by ordering Cisco to buy back more than $5.7 billion in company stock they knew was significantly overpriced.

The complaint says Cisco's top executives and directors touted the company's growth potential and financial growth even as they were forced to slash prices in order to keep up with stiff competition, causing a steep hit to its profits. When the truth came...
To view the full article, register now.




Case Information

Case Title

Poulos v. Cisco Systems, Inc. et al

Case Number



California Northern

Nature of Suit



Paul Singh Grewal

Date Filed

April 20, 2011


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.