One of the first shareholder lawsuits seeking restitution from corporate executives over backdated stock options fizzled late last month with no damages going to the plaintiffs, a heartening sign for the legions of companies now tarred by backdating allegations.
The shareholders had sued JDA Software Group, a $215 million software concern in Scottsdale, Ariz., accusing several current and former directors and officers of backdating option grants from 1996 to 2002. The complaint was filed in August in Maricopa County Superior Court, but the plaintiffs agreed to dismiss it last month; two weeks before a scheduled hearing for JDA’s motion to dismiss. The plaintiffs, led by John Liu, are not receiving compensation to dismiss the case.
