STAPLES WANTS SETTLEMENT OVER BOGUS DERIVATIVES STOCKS

  • futor_902x177v7-tonernew
  • Print
  • 4toner4
  • 161213_banner_futorag_902x177px
  • banner-01-26-17b
  • 2toner1-2
  • ink-direct-902-x-177-big-banner-03-22-2017
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 536716a_green_sweep_web_banner_902x17712
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
Share

STAPLES WANTS SETTLEMENT OVER BOGUS DERIVATIVES STOCKS

 user 2010-04-26 at 10:55:31 am Views: 40
  • #23643
    http://www.marketwatch.com/story/staples-announces-settlement-of-stock-option-derivative-litigation-2010-04-16?reflink=MW_news_stmp
    STAPLES WANTS SETTLEMENT OVER STOCK
    OPTIONS DERIVATIVES

    FRAMINGHAM,
    Mass., Apr , 2010 — Staples, Inc. announced today that it has reached a
    global settlement, subject to court approval, of the derivative
    litigation relating to the company’s historical stock option granting
    practices. The agreement involves no admission of wrongdoing on the part
    of Staples or the individual defendants in connection with the
    allegations and would eliminate the burden, expense, and distraction of
    litigation that has been pending for more than three years.

    The
    settlement is subject to notice to shareholders and to final approval by
    the Court of Chancery of the State of Delaware.As further described in
    the notice that will be distributed to shareholders, the settlement is
    premised upon, among other things, the receipt by Staples of $7.25
    million in insurance proceeds; the monetary benefit returned to Staples
    as a result of the corrective adjustments made in 2006 to certain stock
    option awards; and the adoption of certain additional measures governing
    the process by which stock options are awarded as compensation at
    Staples. In conjunction with the settlement, plaintiffs’ counsel will
    apply to the Court for an order requiring the payment by Staples of up
    to $2.5 million in attorneys’ fees, costs, and expenses, which
    application Staples has agreed not to oppose.If approved, the settlement
    will resolve all litigation pending against the company, as well as its
    former and current officers and directors, relating to Staples’
    historical stock option granting practices.