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Tech Company Faces Derivative Suit Over Options

Law360 (June 20, 2006, 12:00 AM EDT) -- The continuing probe into stock-options grants has yielded another derivative suit, this one filed against the officers and directors of manufacturing solutions company Sanmina-SCI Corporation.

The complaint, filed in the U.S. District Court for the Northern District of California, alleges that the company’s directors breached their fiduciary duty by improperly backdating Sanmina options granted to the company’s executives.

The suit also claims that Sanmina executives improperly recorded the options in violation of Generally Accepted Accounting Principles and improperly took tax deductions based on the options....
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