A recent flurry of lawsuits by shareholders of Citrix Systems in federal court in Florida alleges that 17 current and former Citrix executives, directors and members of the compensation committee unjustly enriched themselves at the expense of shareholders by receiving stock options at backdated prices. The lawsuits follow the company's disclosures earlier this year to the Securities and Exchange Commission that it was looking into its stock options granting practices for its executives.
August 24, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A year after John C. Burris was hired as senior vice president of Citrix Systems, the company’s compensation committee granted him options for 42,000 shares of company stock valued at $15.69 a share, according to court documents.
The stock option grant was dated July 24, 2000. Just 15 days later, the Fort Lauderdale, Fla., software company’s stock traded on Nasdaq at $18.25 a share, giving Burris a $107,520 windfall on paper.
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