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Haynes and Boone White Collar Team Secures Dismissal of Microtune Backdating Claims
Microtune Execs Escape SEC Backdating Claims
A federal judge on Tuesday tossed nearly all claims in the U.S. Securities and Exchange Commission's suit against two Microtune Inc. executives over an alleged stock options backdating scheme, saying the agency launched the case too late.
Judge Jane Boyle of the U.S. District Court for the Northern District of Texas ruled that the many of the SEC's claims against former Microtune CEO Douglas Bartek and former Chief Financial Officer Nancy Richardson were barred by a five-year statute of limitations period.
The judge tossed all claims against Richardson related to activities prior to June 2003 and all claims against Bartek prior to October 2002 — five years before he signed a tolling agreement with the SEC.
According to the judge, the SEC was not entitled to extend the statute of limitations period because it failed to show that it had acted diligently after uncovering the alleged backdating scheme.
Excerpted from Law360. To view the full article, click here. (Subscription required.)