Staples backdating settlement
He has been instrumental in landmark corporate governance cases, including , a historic decision of the Delaware Supreme Court regarding the authority of shareholders to adopt corporate bylaws.His casework includes the Genentech Shareholder Litigation, resulting in an increase of billion in value for shareholders arising from a corporate merger; a 2 million settlement in the United Health Group derivative litigation, resolving one of the most egregious examples of options backdating; an .4 million recovery for stockholders of Del Monte Foods Co.In 2013, after the “London Whale” trading disaster that cost J. Morgan Chase more than billion, the bank halved Chief Executive James Dimon’s 2012 compensation, eliminating his cash bonus and saying he bore “ultimate responsibility” for the losses and the internal problems that led to them.The highly publicized losses might have been a perfect opportunity for the Securities and Exchange Commission to invoke rules, meant to discourage executives from manipulating financial results, that would require Dimon and then-CFO Douglas Braunstein to return the bonuses they were paid as the losses grew. O'Brien, United States Attorney, for plaintiff-appellant United States of America. Following a government investigation, Ruehle was criminally indicted for his involvement in an alleged backdating scheme that ultimately resulted in Broadcom's restatement of its earnings to account for approximately .2 billion in additional stock-based compensation expenses. IIn March 2006, the Wall Street Journal published the first of a series of articles called “The Perfect Payday,” which suggested that a number of public companies were backdating stock options granted to their employees. Adkins, United States Attorney's Office, Santa Ana, CA; Thomas P. Sloan, Skadden, Arps, Slate, Meagher & Flom LLP, Los Angeles, CA, for defendant-appellee William J. We here explore the treacherous path which corporate counsel must tread under the attorney-client privilege when conducting an internal investigation to advise a publicly traded company on its financial disclosure obligations. Ruehle is the former Chief Financial Officer (“CFO”) of Broadcom Corporation, a California-based, publicly traded semiconductor supplier that came under intense scrutiny for its suspected backdating of company stock options. § 3731, and we reverse and remand for further proceedings.
For over thirteen years, he has represented institutional investors in litigation relating to securities fraud, corporate fiduciary responsibilities, shareholder proposals under SEC Rule 14a-8, and corporate governance generally. Barry has been significantly involved in groundbreaking class action recoveries, corporate governance reforms and shareholders rights litigation.
Four were insider trading actions, long a staple of the Enforcement Division. This action also focuses on the sale of unregistered shares of Thought Development stock.