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Ex-SEC Chair: Backdating Probes A "Swirling Crisis"

Law360 (June 14, 2006, 12:00 AM EDT) -- The wave of private securities lawsuits inspired by federal probes into options backdating may prove to be a mere ripple compared to the imminent flood of filings that threatens to drown dozens of companies in litigation.

“I believe the number of lawsuits will increase exponentially as more companies are sucked into the vortex of this swirling crisis,” said former U.S. Securities and Exchange Commission chairman Harvey Pitt.

Shareholder lawsuits against companies suspected of backdating are on the rise and not expected to peak any time soon....
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