FOR IMMEDIATE RELEASE: October 15, 2007
Labaton Sucharow LLP Achieves Largest Settlement Ever in a Stock Options Backdating Class Action
Mercury Interactive to Pay $117.5 Million
NEW YORK--(BUSINESS WIRE)--Labaton Sucharow LLP announced that it has reached a $117.5 million settlement in principle on behalf of its client the Mercury Pension Fund Group in the securities class action titled In re Mercury Interactive Corp. Securities Litigation. This settlement is the largest in any stock options backdating case to date. The settlement is subject to final documentation and court approval.
The settlement dwarfs all other options backdating settlements in sheer size. It is more than 6 times larger than the largest prior backdating settlement, which totaled just $18 million.
Prior to today’s news, the largest settlement in a stock options backdating case involved Los Altos, California-based computer chip designer Rambus, which agreed last month to pay $18 million to settle an investor lawsuit.
The lawyer for the Plaintiffs in the Mercury action, Joel H. Bernstein of Labaton, said, “We are satisfied that the parties have come to such a fair settlement and are confident that the award will provide fair recompense to the investors who lost money as a result of Mercury’s improper practices.”
Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country’s premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for over 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.
Jennifer S. Bankston