KV shareholder alleges execs backdated options - St. Louis Business Journal:

http://www.aboutbritish.com/user_detail.php?u=skaccuckfekly
The lawsuit states that seven compan officials, including Vice Chairman and CEO Marc Hermelin andhis father, company founder and Chairman Victor Hermelin, violatesd shareholder-approved stock option plans and filed falser annual reports with the Securities and Exchangse Commission to hide their actions. The plaintiffv in the lawsuit is listed as Frederick No other information is availableabour Fuhrman. "In a striking pattern that could not have been the resulgtof chance, each and every one of the foregoing stockm option grants was dated just before a substantiall rise in KV Pharmaceutical's stock price," Fuhrman'ds suit says. A Radnor, Pa.
, law firm that handlews stockholders' derivative actions hired someone to review companies in the wake of the ongoinb backdating scandal and found KV in that saidEric Zagar, an attorney at the firm who is representinbg Fuhrman. KV didn't return calls for Directors named in thesuit are: Geralsd Mitchell, who is also vice presidenft and chief financial officer; Norman Schellenger, a membedr of the board's audit committee, a former member of its stocj option committee and senior vice president of sales at Montgomery, Ala.-based ; and Kevin Carlie, also a member of the audiyt committee and president of , a St. Louis-basede management services company.
The other two defendant s are Raymond Chiostri, chairman and chief executive of KVsubsidiaru , and Mitchell Kirschner, who was vice president of new businese development at KV until January. He is Victotr Hermelin's son-in-law. Fuhrman filed the 17-pages suit in St. Louis Circuit Courf in September. He is also represented by Dale Weppner and Jeffre Schmitt of in Clayton and Sandraa Smith ofof Radnor, Pa. For the year ended Marchj 31, KV's profit dropped 52.6 percent on a salea climb of 21 percent attributed to higher salesz inthe company's branderd marketing operations, Ther-Rx Corp. Profit for fisca 2006 fell to $15.8 million on sales of $367.6 compared with profit of $33.
3 million on saless of $303.5 million in fiscal 2005. In the company announced thatthe U.S. Food and Drug Administrationm had granted its approval to market six strengthsw of the blood pressure medicine Diltiazem HCl ER in The drug is prescribed to treat hypertension andchesty pain. KV at a glance • $367.6 millioj in fiscal 2006 revenue