Dean Foods has announced that two shareholder derivative complaints have been filed against it that allege stock option backdating by the firm. The complaints name certain current and former members of the board of directors and certain current and former members of management.
The food and beverage firm says it has carefully reviewed its historical stock option grants with its counsel and consulted with independent auditors. Dean Foods does not believe any inappropriate conduct has occurred and does not expect any restatement of its finances.
The firm's board of directors has named a special committee of independent directors not named in the litigation to assess allegations in the complaints. Outside counsel also has been retained to aid in the evaluation.