Cases & Deals

Crown Castle International obtains dismissal of shareholder claims

Client(s) Crown Castle International Corp.

Following years of derivative litigation, Jones Day obtained a dismissal of all shareholder claims against Crown Castle International Corp. Plaintiffs had alleged in two separate lawsuits that certain Crown Castle officers and directors improperly backdated "in the money" stock options to coincide with low closing prices of Crown Castle common stock. Plaintiffs' first suit was dismissed with prejudice in January 2010 following a 14th Court of Appeals ruling on a novel discovery issue. The coup de grâce was obtained in March 2011, when the Plaintiffs voluntarily dismissed their remaining claims in the face of a forthcoming motion for summary judgment.

In re Crown Castle International Corp. Derivative Litigation, Cause No. 2006-49592; in the 234th Judicial District, Harris County, Texas; Szabo v. Kelly, Cause No. 2010-48186; in the 189th Judicial District Court, Harris County, Texas (Judge Burke)