Alberta's first options backdating case settles - 28 Apr, 2009

Savanna
Energy Services Ltd. has settled an action commenced in March 2008 by
Brian Fenn. The action alleged that stock options granted by the
company to current and former directors were back-dated. As part of the
settlement, the company conducted a comprehensive review of its
historical stock option practices which determined that administrative
practices, rather than deliberate behaviour, had caused the
back-dating. Savanna took immediate steps to rectify the incorrect
option grants.Otherwise, certain officers agreed to forego about
$400,000 in bonuses.

Stikeman Elliott represented the company. Robert Hawkes and Carsten Jensen of May Jensen Shawa Solomon represented the plaintiffs, as did Charles Wright and Dimitri Lascaris of Siskinds.

Julius Melnitzer

http://network.nationalpost.com/np/blogs/legalpost/archive/2009/04/28/alberta-s-first-options-backdating-case-settles.aspx