Engineered support systems backdating
In at least two instances, the father approved the issuance of backdated grants which had been previously backdated to obtain a more favorable pricing. The SEC argued in large part that the son was responsible for a series of false statements and omissions in the filings.
Approximately million of those grants were issued to senior executives. Following eight days of trial on the SEC’s claims Michael F. moved for dismissal of all claims prior to their submission to the jury.
LOUIS (CN) – A federal judge dismissed an SEC lawsuit against Michael F.
The team in the dismissed criminal case included Gasner, Celio, Keker & Van Nest partner Ben Hur, as well as associate Jen Huber.
The criminal case against the Shanahans ended when Shanahan Sr. In 2009, the SEC alleged that Michael Shanahan Jr., as an outside director for ESSI, violated numerous federal securities laws by participating in the grant of backdated stock options to ESSI officials including his father.
today affirmed the dismissal of the Securities and Exchange Commission’s case against Michael Shanahan Jr., former director of Engineered Support Systems Inc. In a unanimous opinion, the judges agreed that the SEC’s evidence against Shanahan Jr. “So much of the options backdating scandal was driven by unfair hindsight perspective, and this was a fitting postscript for an enforcement fad that went way too far,” Gasner said. and his father, Michael Shanahan Sr., as well as the company’s chief financial officer, charging them with criminal fraud and records-keeping violations.
“We are thrilled to see Mike so thoroughly vindicated after a long ordeal for his entire family,” Gasner said.
Stuart Gasner centers his practice in the areas of white collar criminal and securities defense, intellectual property litigation and complex corporate disputes.