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CONRAD v. BLANK

C.A. No. 2611-VCL.

940 A.2d 28 (2007)

Donna CONRAD, Plaintiff, v. Arthur M. BLANK, Basil L. Anderson, Brenda C. Barnes, John B. Wilson, John C. Bingleman, John J. Mahoney, Joseph S. Vassalluzzo, Martin E. Hanaka, Martin Trust, Mary E. Burton, Paul F. Walsh, Robert C. Nakasone, Ronald L. Sargent, Nowland T. Moriarty, Susan S. Hoyt, Thomas G. Sternberg, James E. Flavin, Robert K. Mayerson, Patrick A. Hickey, Jack A. Vanwoerkom, and Jeffrey E. Nachbor, Defendants, and Staples, Inc., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: September 7, 2007.

Attorney(s) appearing for the Case

Jessica Zeldin, Esquire, Rosenthal Monhait & Goddess, PA., Wilmington, Delaware; Thomas G. Shapiro, Esquire, Edward F. Haber, Esquire, Michelle H. Blauner, Esquire, Robert E. Ditzion, Esquire, Shapiro Haber & Urmy LLP, Boston, Massachusetts; Herbert E. Milstein, Steven J. Toll, Esquire, Joseph P. Helm, III, Esquire, Cohen, Milstein, Hausfeld & Toll, PPLC, Washington, D.C., Attorneys for the Plaintiff.

Jesse A. Finkelstein, Esquire, Gregory P. Williams, Esquire, John D. Hendershot, Esquire, Richards Layton & Finger P.A., Wilmington, Delaware; James W. Quinn, Esquire, Jonathan D. Polkes, Esquire, Ashley R. Altschuler; Esquire, Weil, Gotshal & Manges, LLP, New York, New York, Attorneys for the Defendants.

OPINION

LAMB, Vice Chancellor.

This derivative action is brought in the right of a Delaware corporation that over the course of 10 years ending in 2003 issued to members of its senior management more than 7.5 million stock options that are alleged to have been illegally' backdated. In November 2006, the company disclosed in its third quarter Form 10-Q the results of an internal review conducted by "the...

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