Leading US food and beverage group Dean Foods has said that two shareholder derivative complaints have been filed against the company, alleging stock option backdating.
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The complaints name certain current and former members of the company’s board of directors, as well as certain current and former management personnel, Dean Foods said in a statement.
Dean Foods said that over the past few months it had “carefully reviewed its historical stock option grants with its counsel and consulted with its independent auditors”, and did not believe there had been any inappropriate conduct, adding that it did not expect any restatement of its financial statements.
Following the filing of the complaints, Dean Foods appointed a special committee of independent directors, who were not implicated in the litigation, to assess the allegations contained in the complaints. To assist in the evaluation, the committee has also instructed outside counsel. A review of the litigation is ongoing, Dean Foods said, and the committee will determine what action the company will take.
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