In a move that clearly turns up the heat on executive compensation, the Amalgamated Bank has filed lawsuits charging that executives at Cisco Systems and Tyson Foods illegally granted themselves stock options before they announced good news.
Amalgamated Bank is the trustee for LongView MidCap 400 Index Fund and LongView Collective Investment Fund, which have investments in the two stocks. The activist investors allege that Cisco delayed issuing positive news to keep its stock price stable until after completing an options grant to “several top executives, according to www.thedeal.com.
