Former KLA-Tencor CEO Disputes Class Action

Law360, New York (May 21, 2007, 12:00 AM EDT) -- The ousted CEO of KLA-Tencor has called for the dismissal of a class action against him and the technology company over alleged improper accounting practices and disclosures of backdated stock options grants.

Kenneth Schroeder, the former CEO who was fired from KLA-Tencor in January 2006, asked the U.S. District Court for the Northern District of California on Monday to throw out the case.

He joined KLA-Tencor’s dismissal motion, claiming the complaint failed to plead a scheme to defraud. He said the Private Securities Litigation Reform Act,...
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