Suit Challenges Witness Systems’ Options Timing

Law360, New York (August 15, 2006, 12:00 AM EDT) -- A lawsuit seeking class action status has dragged Witness Systems Inc. deeper into the mud over its alleged options backdating practices, claiming the company deceived investors over the timing of its stock options grants and submitted misleading information to the U.S. Securities and Exchange Commission.

The suit was filed Tuesday in the U.S. District Court for the Northern District of Georgia, just days after the company revealed "discrepancies" in some of its employee stock options practices.

The complaint alleges that officials at the Atlanta-based customer-service software...
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