California Employment Law Update

Tag Archives: stock options

Company Could Cancel Employees’ Stock Options Following Sale Of The Business

Falkowski v. Imation Corp., 132 Cal. App. 4th 499 (2005) Plaintiffs in this class action were employees of Cemax- Icon, Inc., a closely held company in the medical information management business. This litigation arose after Imation Corporation, a publicly traded company, acquired Cemax, which became a subsidiary of Imation. At the time of the merger, … Continue Reading

Terminated Executive Was Not Entitled To Receive Unvested Stock Options

Oracle Corp. v. Falotti, 319 F.3d 1106 (9th Cir. 2003) Oracle Corporation terminated the employment of Pier Carlo Falotti, a senior executive of the company who was based in Switzerland, four months before he was scheduled to vest in stock options that were worth more than $85 million. Oracle filed this action in federal court … Continue Reading

Fraud Claims Relating to Employee Stock Options Were Preempted By Federal Law

Falkowski v. Imation Corp., 309 F.3d 1123 (9th Cir. 2002) This class action litigation arose from a merger in which Imation Corporation, a publicly traded company, acquired Cemax-Icon, a closely held company in the medical information management business. A year after the merger, Imation sold the Cemax subsidiary to Eastman Kodak Company. The plaintiffs are … Continue Reading

Employee Permitted To Proceed With Breach Of Contract Action Involving Stock Options

Alexander v. Codemasters Group Ltd., 104 Cal. App. 4th 129 (2002) Craig Alexander alleged breach of contract against Codemasters (a United Kingdom-based computer game company) for its failure to provide Alexander (a former executive with the company) with options to purchase 35,000 shares of Codemasters’ stock at an exercise price of $3.25 per share. In … Continue Reading
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