Shareholders sued several Cablevision executives and board member...
Shareholders sued several Cablevision executives and board members, including former FCC Chmn. Charles Ferris, over stock option backdating that the company has admitted (CD Aug 9 p12). During expedited discovery plaintiffs’ lawyers will review e-mails, board meeting minutes and…
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all records relating to meetings at which options were granted. A preliminary scheduling order calls for a trial to begin by March 2, 2007, plaintiffs’ attorney Stuart Grant told us. Cablevision cost shareholders $50-$100 million by backdating options grants 1997-2002, Grant said: “What I'd really like is that the options that were improperly issued to be cancelled. That can and should be done for all the officers and directors” who received them. “To the extent you gave rank and file a freebie, so be it,” he said: “But you've got to pay back the difference.” A successful legal challenge would put pressure on the SEC and U.S. Attorney’s office, also investigating Cablevision options, Grant said. Plaintiffs include the La. Teachers’ Retirement System and Teamsters Local 456. Cablevision Tues. declined to comment.