Options backdating scorecard

26-Oct-2019 06:45

On average, class actions involving backdating allegations have settled for less than half the amounts forecast by NERA's settlement prediction model.

As only eight cases have fully settled thus far, the reasons for the low settlements are not yet clear.

The estimate implies that, controlling for all the other variables, the settlement in a backdating case is about 46% of the settlement in a non-backdating case with a similar level of investor losses and other characteristics captured by the model.

This finding is broadly consistent with the results presented in Table 1.

class action, and to reflect a revised count of backdating class actions filed to date.4.

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We have updated the paper to reflect our determination that all defendants in the Mercury Interactive class action have settled, to include the settlement of the Wireless Facilities, Inc.It may be that, generally, suits alleging backdating are viewed as weaker on the merits than other class actions.