Jerry Silk Featured on CNBC's Morning Call; Discusses Emerging Stock Options Backdating Scandals
May 23, 2006BLB&G Partner Jerry Silk, lead attorney in the shareholder derivative litigation filed against UnitedHealth Group Inc. (“UnitedHealth,”) was a featured speaker on CNBC’s television program, Morning Call. In a lengthy segment, Mr. Silk provided extensive commentary on the emerging and widening accounts of stock options backdating, which are the focus of numerous regulatory investigations and private actions.
The UnitedHealth suit was filed by BLB&G on behalf of five public pension funds against certain current and former executive officers and members of the Board of Directors of UnitedHealth, charging that they obtained, approved, and/or acquiesced in the issuance of stock options to senior executives that were unlawfully backdated to provide the recipients with windfall compensation, at the direct expense of UnitedHealth.
As Mr. Silk explains on Morning Call, options backdating results in illegal excess compensation for these executives:
“If you know how the stock performed, then you can go back in time and pick a date when the stock was lower; your option is immediately in the money-and that’s extra compensation to the executives... sometimes hundreds of millions of dollars.”
Also of Interest
Benchmark Names Eight BLB&G Partners as Litigation Stars
Gerald Silk Named a Lawdragon 500 “Legend”
June 19, 2018
The National Law Journal Profiles BLB&G as Winner of Securities Litigation Elite Trial Lawyers Award
Chambers Ranks BLB&G Nation’s Top Securities Litigation Firm
Investors Represented by BLB&G Prevail In Significant Ninth Circuit Win
September 13, 2017
Benchmark Names Three BLB&G Partners to Its "40 & Under Hot List"
The National Law Journal Profiles BLB&G – Winner of Financial Litigation Elite Trial Lawyers Award
December 19, 2016
Law360 Names John Browne a 2018 “Class Action MVP”
December 7, 2018
BLB&G Ranked a Top Tier Firm by Chambers for Eleventh Consecutive Year
Columbia Law Review Article on Sexual Harassment and Corporate Law Cites BLB&G’s Celebrated 21st Century Fox Litigation
June 18, 2018