B& N Executives
on Backdating Options
LONDON/NEW YORK/7/14/1006Barnes & Noble, the worlds largest bookseller, has called for a review of its own practices over executive share options, after a shareholder filed a lawsuit charging B&N with backdating dozens of options grants to executives, according to a story today in The Times Online in the UK.
The U.S. Government is investigating more than 50 American companies for similar activities.
The lawsuit, filed by Timothy Hill, names certain current and former executives of Barnes & Noble, as well as certain members of the board of directors, The Times article said. Apparently, B&N founder and chairman Leonard Riggio has been granted 700,000 options dated March 12, 2001, when the shares hit a low of $23.65. His brother Stephen Riggio, chief executive, was awarded 215,300 options in April 1997, when the stock hit a low for that month.
Read the full story at The Times website: B&N Executives Face Lawsuit