AsiaInfo Board Shakes Investor Suit Over Exec Stock Options
Law360, New York (April 21, 2015, 8:37 PM EDT) -- A Delaware federal judge has dismissed a shareholder derivative suit alleging the board of telecommunication software company AsiaInfo-Linkage Inc. violated a bonus plan by doling out excess stock options to officers, saying Tuesday that once a take-private deal was completed, the plaintiffs no longer had standing.
U.S. District Judge Sue Robinson also denied the investors' motion to try again with an amended complaint. Filed by shareholder Philip Halpert, the complaint claimed the board's 2011 award of stock options, including 750,000 to CEO Steve Zhang, contradicted its shareholder-approved incentive plan, which they say limits performance-based options to 100,000 per person.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!