latest news releases from the newsroom
Cohen Milstein Sellers & Toll, PLLC
Delaware Court Denies Staples' Motion to Dismiss Shareholder Suit Alleging Backdating of Stock Options, Announces Shapiro Haber & Urmy LLP and Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
BOSTON, Sept. 21, 2007 (PRIME NEWSWIRE) -- The Delaware Court of Chancery has denied a motion by Staples, Inc. (Nasdaq:SPLS) and certain of its officers and directors to dismiss a derivative lawsuit brought by a stockholder of the company, announces Shapiro Haber & Urmy LLP and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. The lawsuit alleges that, on at least twelve dates during the period 1994-2003, Staples issued a total of some 7.5 million stock options that were illegally backdated. According to the complaint in the case, this backdating caused the exercise price of these options to be artificially low, allowing Staples insiders to reap millions of dollars in wrongful profits. The lawsuit seeks damages and an order compelling the officers involved to turn over these illicit profits to the company.
International Food Products Group, Inc
International Food Products Group Adds Important Consultant Services of J.S. Campbell & Co.
NEWPORT BEACH, Calif., Sept. 21, 2007 (PRIME NEWSWIRE) -- Ketan Mehta, the CEO of International Food Products Group (OTCBB:IFDG), Newport Beach, CA has announced the retaining of a strategy and management expert with a securities background. Mr. Mehta said, "We are delighted to retain the services of J. S Campbell Co., a private investment banker with over 35 years in the securities markets evaluating management and companies. The principal, Mr. J. Scott Campbell was a V.P of Paine Webber and has worked with numerous public and private companies over the years to bolster management, develop marketing strategies, and find products, acquisition candidates and capital to match the mission of the company. Aligning with such an entity now, when we hope to close our first acquisition, will add much to the quality of our company as we grow and gain stature. Mr. Campbell added: "When such an acquisition occurs IFPG will have a significant base to do the sort of operations that has been needed to make this a very viable company with a strong future."