StaplesCohen, Milstein, Hausfeld & Toll represents shareholders in this derivative action against Staples, Inc. The Complaint in this case alleges that Staples’ Board of Directors and its officers engaged in an illegal scheme, dating back to at lest the mid-1990s, to manipulate the dates on which incentive options were awarded to top Staples insiders. This manipulation allowed Staples’ officers and directors to obtain options with very favorable exercise prices, enabling them to reap millions of dollars in illicit profit at the expense of the company and its shareholders. In September 2007, Vice Chancellor Lamb of the Delaware Court of Chancery denied the Board of Director’s motion to dismiss the case. In his opinion, the Vice Chancellor expressed concern that, although the Board claimed that an internal investigation of options manipulation had been conducted, “after finding substantial evidence that options were, in fact, mispriced, the company and the audit committee ended their ‘review’ without explanation and apparently without seeking redress of any kind.” |
