Finisar Derivative Suit Gets Tossed

Law360, New York (January 11, 2008, 12:00 AM EST) -- A group of plaintiffs has one more chance to tighten its case accusing current and former Finisar Corp. heads of engaging in a scheme to backdate stock option grants after a federal judge pointed out several weaknesses in its derivative suit.

Judge Ronald M. Whyte on Friday threw out the case against the Sunnyvale, Calif.-based optical networking provider’s chief executive officer, directors and members of the compensation and audit committees.

But the judge gave the plaintiffs 20 days to amend their claims in the U.S. District...
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