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In a September 9, 2011 opinion applying Maryland law, Southern District of New York Judge Naomi Reice Buchwald ruled in a coverage action brought by Safe Net’s excess D&O insurer that, among many …

The CEO, Jack Gifford, who settled the SEC charges for a payment of 0,000 has since passed away.

The company also announced that investors should not rely on the company’s financial statements for the fiscal years 1997 through 2005 and corresponding interim reporting periods through March 25, 2006.

In order dated July 16, 2009 (here), the court denied in part the defendants’ motions to dismiss, but perhaps more telling with respect to the timing and size of the securities lawsuit settlement, on April 23, 2010, following an eightday criminal trial, Maxim’s CFO Carl Jasper was found liable for securities fraud related to the backdating, as noted in this April 26, 2010 article by Zusha Elinson in The Recorder, here.

The wave of litigation the scandal stirred up took its time to work its way through the system, but eventually the litigation was resolved and the scandal moved into …

Continue Reading For a period beginning in 2006, plaintiffs’ lawyers filed a wave of options backdating securities class action lawsuits.




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