MRV's $3M Options Backdating Settlement Gets Green Light

Law360, Los Angeles (April 8, 2013, 3:45 PM EDT) -- A California federal judge on Monday gave preliminary approval to a $3 million settlement in a shareholder derivative lawsuit accusing telecom equipment maker MRV Communications Inc. executives of illegally backdating stock options for years and deceiving investors, ruling the proposed deal appeared reasonable.

In an 8-page order, U.S. District Judge Gary Allen Feess gave a preliminary green light to the proposed settlement, which calls for shareholders of the Chatsworth, Calif.-based producer of telecom equipment to receive $2.5 million in cash along with $500,000 in attorneys’ fees....
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