ADSK Execs Sued for Backdating

Keller Rohrback yesterday launched its law suit against Autodesk executives, accusing them of enriching themselves at the expense of shareholders by backdating stock option between 1996 and 2006.

In legalese, this is a shareholder derivative complaint on behalf of nominal defendant Autodesk against certain past and present executive officers and directors of Autodesk for violation of the Securities Exchange Act of 1934, breach of fiduciary duty, aiding and abetting, unjust enrichment, rescission, gross mismanagement, and corporate waste.

The law firm had previously warned that it was investigating Autodesk and a number of other technology firms for backdating stock options in order to make future payouts more profitable. Expect to see Autodesk hit with a second suit, because another law firm is also investing the company's actions.