Ron Breaux in the Dallas Morning News: Appeals Court Doesn’t Back SEC in Case Against North Texas Executives
Two former top executives at Plano-based Microtune Inc. won a major legal victory Wednesday that should end the Securities and Exchange Commission’s five-year effort to prosecute them for alleged involvement in a $22.5 million options backdating scheme.
The 5th U.S. Circuit Court of Appeals, in a unanimous opinion, ruled that the SEC waited too long to bring charges against Microtune’s co-founder and former CEO, Douglas Bartek, and its former general counsel and CFO, Nancy Richardson...
“This is a complete win,” said Haynes and Boone litigation partner Ron Breaux, who led the firm’s defense of Bartek. “The court rejected the SEC’s arguments on every point. Bartek had faced significant penalties that would have had devastating consequences on him personally and professionally.”
Excerpted from Dallas Morning News, August 9, 2012. To view full article, click here (subscription required).