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Ryan v. Gifford
Citation:918 A.2d 341 (2007)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Ryan is a shareholder of Maxim Integrated Products, Inc. He filed derivative action, alleging that nine specific grants were backdated between 1998 and 2002, as these grants seem too fortuitously timed to be explained as simple coincidence. All nine grants were dated on unusually low trading days of the years in question. Merrill Lynch conducted an analysis of the timing of stock option grants from 1997 to 2002. It failed to take a position on whether Maxim actually backdated; however, it noted that if backdating did not occur, management of Maxim was remarkably effective at timing options pricing events. With regard to Maxim, Lynch found that the twenty-day return an option grants to management averaged 14% over the five-year period, almost ten times higher than the 29% annualized market returns in the same period.
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- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
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