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In re Linear Technology Corporation
Shareholder Derivative Litigation
(Superior Court of California, County of Santa Clara)
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.
Firm partner David Stickney
and associate
David Thorpe are responsible for prosecuting this action.
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