This is a shareholder derivative action brought for the benefit of nominal defendant Linear Technology Corporation ("Linear"), against certain current and former executive officers and directors of Linear. This action arises from defendants' approving and receiving manipulated stock option grants in violation of their fiduciary duties and in violation of the California Corporations Code between 1995 and 2005 (the "Relevant Period").
On August 10, 2006, the Honorable Jack Komar appointed BLB&G client, the Louisiana Municipal Police Employees' Retirement System ("Louisiana Police"), as Lead Plaintiff and BLB&G as Lead Counsel.
Lead Plaintiff has alleged breach of fiduciary duty, aiding and abetting, insider trading, unjust enrichment, and waste causes of action against the defendants. Lead Plaintiff seeks, among other things, to rescind all stock option contracts between the officer defendants and Linear that were entered during the Relevant Period.
Defendants filed demurrers to the consolidated complaint filed by Lead Plaintiff, seeking dismissal of the action. Lead Plaintiff opposed these motions and requested leave to file an amended complaint. On July 13, 2007, the Court held a hearing on the demurrers and ruled that Lead Plaintiff may file an amended complaint. On August 13, 2007, Lead Plaintiff filed its First Amended Consolidated Complaint. Defendants have now produced discovery, but no trial date has been set by the Court.
