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RYAN v. GIFFORD

Civil Action No. 2213-N.

918 A.2d 341 (2007)

Walter E. RYAN, Jr., In the right of and for the benefit of Maxim Integrated Products, Inc., Plaintiff, v. John F. GIFFORD, James R. Bergman, B. Kipling Hagopian, A.R. Frank Wazzan, Eric P. Karros, M.D. Sampels, Defendants, and Maxim Integrated Products, Inc., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: February 6, 2007.

Attorney(s) appearing for the Case

Norman M. Monhait, of Rosenthal Monhait & Goddess, P.A., Wilmington, Delaware; of Counsel: Krislov & Associates, Ltd., Chicago, Illinois, Attorneys for Plaintiff.

Peter J. Walsh Jr. and Timothy R. Dudderar, of Potter Anderson & Corroon LLP, Wilmington, Delaware; of Counsel: John M. Potter, of Quinn Emanuel Urquhart Oliver & Hedges LLP, San Francisco, California, Attorneys for Individual Defendants James R. Bergman, B. Kipling Hagopian, A.R. Frank Wazzan, Eric P. Karros, and M.D. Sampels.

Jeffrey L. Moyer and Kelly E. Farnan, of Richards Layton & Finger, P.A., Wilmington, Delaware, Attorneys for Individual Defendant John F. Gifford.

J. Jackson Shrum, of Harvey Pennington, Ltd., Wilmington, Delaware; of Counsel: Michael J. Ioannou, of Ropers Majeski Kohn & Bentley, San Jose, California, Attorney for Nominal Defendant.

OPINION

CHANDLER, Chancellor.

On March 18, 2006, The Wall Street Journal sparked controversy throughout the investment community by publishing a one-page article, based on an academic's statistical analysis of option grants, which revealed an arguably questionable compensation practice. Commonly known as backdating, this practice involves a company issuing stock options to an executive on one date while providing fraudulent documentation asserting...

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