LOS ANGELES (CN) – Ten directors of MRV Communications defrauded the company of “hundreds of millions of dollars” by backdating stock options, and lied about it in SEC filings and in public statements, shareholders say in a derivative complaint in Federal Court.
MRV, a Delaware corporation that operates out of Chatsworth, Calif., provides network communications services, including switchers and routers, and special products for the aerospace and defense industries and governments. Its shares are traded on the NASDAQ.
Here are the individual defendants: Shlomo Margalit, Noam Lotan, Guy Avidan, Near Margalit, Sahy Gonen, Igal Shidlovsky, Guenter Jaensch, Daniel Tsui, Baruch Fischer, and Harold Furchtgott-Roth.
Plaintiffs are represented by David Walton with Coughlin Stoia Geller of San Diego.