Stull, Stull and Brody Announces Commencement of Lawsuit Against Westwood One, Inc. for the Back-Dating of Stock Option Grants -- WON4 November 2006
The law firm of Stull, Stull & Brody announces that a shareholder lawsuit has been commenced against certain members of the board of directors and certain executive officers of Westwood One, Inc. (NYSE:WON) ("Westwood" or the "Company").
The complaint alleges that certain current and prior officers and directors manipulated the prices of executive and director stock option grants (a.k.a. back-dated stock options). Such practice of awarding stock options to executives and directors at artificially low prices is alleged to violate the company's internal documents (such as the company's stock option plan), as well as state laws governing officer and director fiduciary duties and/or federal laws governing securities and taxation. In addition, the practice results in lower payments to companies, results in those companies under-reporting compensation expenses, and permits directors, officers and/or executives to unjustifiably reap millions and billions of dollars which should be disgorged and returned to the corporate coffers thereby contributing to the financial health of the company.
Stull, Stull & Brody is investigating over fifty companies that either received a letter of inquiry from the Securities and Exchange Commission ("SEC"), have been contacted by U.S. Attorney's Offices, are being investigated by the Justice Department and/or the Internal Revenue Service, have announced internal investigations and/or have otherwise been noted (in media or public reports), concerning their stock-option grant practices. These companies include:
Company
Adobe Systems Inc.
The Children's Place Retail Stores, Inc.
Cirrus Logic, Inc.
iBasis, Inc.
Key Energy Services, Inc.
L-3 Communications Corporation
NYFIX, Inc.
Verint Systems Inc.
Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought these stocks through your Company's retirement account and have information or would like to learn more about these claims, please contact us.
Stull, Stull & Brody has litigated many shareholder lawsuits over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
If you currently hold shares of any of the above-referenced companies and wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at ssbny@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
CONTACT: Stull, Stull & Brody
Tzivia Brody, Esq.
(800) 337-4983
ssbny@aol.com
www.ssbny.com
Source: primezone
All trademarks and copyrighted information contained herein are the property of their respective owners.
|
