Backdating Suit Against Asyst Tech Dismissed

Law360, New York (May 28, 2008, 12:00 AM EDT) -- A federal court has dismissed certain claims in a shareholder derivative suit alleging officers and directors of Asyst Technologies Inc. received backdated stock options.

On Friday, Magistrate Judge Elizabeth D. Laporte of the U.S. District Court for the Northern District of California granted Asyst’s motion to dismiss the shareholder’s backdating claims because the plaintiffs had failed to adequately show continuous ownership of Asyst stock and plead demand futility.

Judge Laporte also granted in part the officers' and directors’ motions to dismiss claims because they were time-barred...
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