MRV Slapped With Options Backdating Suit

Law360, New York (July 10, 2008, 12:00 AM EDT) -- Optical components supplier MRV Communications Inc. has been hit with a proposed class action after announcing last month that it expects to restate its financial statements from 2002 to 2008 due to misdated stock option grants.

The complaint, filed Tuesday with the U.S. District Court for the Central District of California, accuses MRV of making false and misleading statements regarding its stock option grant practices that caused shares to trade at artificially high levels.

It further alleges that the Chatsworth, Calif.-based company's internal accounting controls were...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.