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| Brooks Automation, Inc. Options Backdating Litigation |
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| Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Brooks Automation, Inc. (NASDAQ: BRKS) seeking to recoup damages against Brooks' top executive officers and board of directors for permitting company executives to backdate stock option grant dates to take advantage of lower exercise prices then the price on the actual grant date. As the options were priced below the stock's fair market value when they were actually awarded, this created instant paper gains to the executives. This instant paper gain was equivalent to extra compensation and was thus a cost to Brooks. Brooks, however, failed to include the costs associated with this extra compensation in its financial results, and thereby overstated its profits. The case is In re Brooks Automation, Inc. Derivative Litigation, Case No. 06-1808, Massachusetts Superior Court, Middlesex County. For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us. |
