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Ron Breaux, Lawrence Gaydos, Jeremy Kernodle, Emily Westridge and Ryan Paulsen in Texas Lawbook: Fifth Circuit: SEC Case Against Microtune Execs Too Little, Too Late
Two former top executives at Plano-based Microtune Inc. won a major legal victory Wednesday that is likely to end the U.S. Securities and Exchange Commission’s five-year-long effort to prosecute them for allegedly being involved in a $22.5 million options backdating scheme.
The U.S. Court of Appeals for the Fifth Circuit, in an unanimous opinion, ruled that the SEC waited too long to bring charges against Microtune 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 Texas Lawbook, August 10, 2012. To view full article, click on the PDF link below.
PDF - Texas Lawbook - 5th Circuit Rules SEC Case Against Microtune Execs Too Little Too Late.pdf