Law Practice
Sep. 19, 2008
Outside Directors Hit With Rare SEC Backdating Suit
Web Exclusive - In a rare action, the Securities and Exchange Commission sued outside directors who approved backdated stock option grants. Three former directors of Mercury Interactive immediately agreed to pay $100,000 each to settle the case, without admitting wrongdoing.
WEB EXCLUSIVE
By Craig Anderson
Daily Journal Staff Writer
SAN JOSE - The Securities and Exchange Commission's decision to sue three former outside directors of Mercury Interactive LLC for approving backdated stock option grants is a rare - perhaps unprecedented -move, legal observers say.
The three former Mercury Interactive directors - Igal Kohavi, Yair Shamir, and Giora Yaron - all agreed Wedne...
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