Options Backdating Scandal Comes To Cablevision

Law360, New York (August 17, 2006, 12:00 AM EDT) -- Cablevision Systems Corp. is facing both federal investigations and at least one lawsuit related to stock options backdating, the company said Wednesday in a filing with the U.S. Securities and Exchange Commission.

The shareholder derivative lawsuit was filed in New York State Supreme Court in Nassau County. According to Cablevision, shareholders have accused present and former officers and directors of breaching fiduciary duty and of unjust enrichment from the dating of stock options.

The lawsuit seeks undisclosed damages and disgorgement from present and former executive officers....
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