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article (here, subscription required) reporting on the Dolan’s buy out offer, the company’s recent history has been “turbulent,” as detailed further in the article.While the Cablevision shareholders’ claim against Lyons Benenson may be the first against a company’s compensation consultant arising out of the backdating scandal, there may be many more claims against the outside advisers to companies caught up in the backdating scandal.
The December 22, 2003 proxy statement of DRS Technologies (here) disclosed that the company previously had retained Lyons Benenson to “assist in the design, assessment, and implementation” of the company’s compensation system, but at the end of the most recent fiscal year had replaced the consultant with another firm. (here) disclosed that the company had retained Lyons Benenson as a compensation consultant “to assist the Committee in fulfilling its responsibilities and to provide advice with respect to all matters relating to executive compensation and the compensation practices of similar companies.
The consultant is engaged by, and reports directly to, the Compensation Committee.
Benenson also served on the company’s audit and compensation committees.
However, according to news reports (here), Benenson resigned from the Penn Octane board in October 2006.
Attorneys, auditors and others undoubtedly will also be drawn in as the story continues to unfold.
(See more details below about options backdating litigation.) What Can EDGAR Tell Us About Lyons Benenson?The complaint also contains allegations about the options awareded to the consultant; the complaint does not allege that the options were illegal or backdated, but that they were “unusual and inappropriate” given that they came from an option account designated for Cablevision employees.Cablevision has also been in the news lately based upon the offer by the Dolan family, which controls the company, to buy out the company’s public shareholders in a deal that values the company at about .9 billion.Two grandfather clocks stood in opposite corners, each telling a different time.In a few, spare stokes, Larkin not only vividly describes a specific place, she also manages to evoke an entire country where time is out of place and that is haunted by fading memories.(It should be noted that the searchable text is limited only to the last four years.) The 2002 10-K of ACTV, Inc.Tags: Adult Dating, affair dating, sex dating