Anyone with health insurance from United Health Group knows what happens if you fail to fill in every box on the form, or attach the requisite back-up material, to get reimbursed for a prescription.You're not going to see a dime until you've been put on hold for 30 minutes, faxed the paperwork twice to somebody in Minnetonka, Minn., and demanded to talk to a supervisor.
Despite Mc Guire's contention that grant dates were chosen without benefit of hindsight, the report says "facts run contrary to this assertion." A company spokesman would not comment on any aspect of the findings, instead deferring to the report and a press release.
The Minnesota attorney general also has jumped into a shareholder suit seeking to get to the bottom of the matter.
Others are less concerned with option-dating and more concerned with the cumulative effects that big paydays for executives at United Health are having on the health care industry.
Other key corporate governance changes included (i) enhanced standards for director independence; (ii) a mandatory holding period for options issued to executives; (iii) a shareholder approval requirement for any stock options re-pricing; and (iv) a identified United Health as a company with “wildly improbable option-grant patterns.” By April 2006, the SEC had begun an informal inquiry prompting United Health to initiate an independent investigation into its own historical stock options granting practices.
After being selected as lead plaintiff, Cal PERS filed a consolidated complaint in December 2006. Rosenbaum denied defendants’ motions to dismiss the consolidated complaint in their entirety, and compared defendants’ scheme to the movie During the discovery process, Robbins Geller attorneys carefully scoured more than 22 million pages of documents obtained from defendants, as well as hundreds of thousands of additional documents from more than 15 third parties.