SEC Alleges Backdating Yielded $20M

Law360, New York (July 13, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed a lawsuit alleging a father and son who worked for defense contractor Engineered Support Systems Inc. engaged in a stock option backdating scheme that yielded more than $20 million in unauthorized and undisclosed compensation.

The lawsuit, which was filed Thursday in the U.S. District Court for the Eastern District of Missouri, alleges that Michael F. Shanahan Sr., the former CEO of Engineered Support, and his son, Michael F. Shanahan Jr. , a former member of the company's board...
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