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Wednesday, Jun 7, 2023

Countrywide to Face Shareholder Probe

A judge in Delaware cleared the way for an April 18 probe of stock option practices at Countrywide Financial Corp., an Associated Press story reported today. The Louisiana Municipal Police Employees Retirement System, a shareholder in the Calabasas-based company, is seeking to examine records related to the timing of Countrywide’s stock option grants, the report said. Countrywide has not admitted to any irregularities in connection with the timing of its stock option grants, the AP report said. While allowing the trial to go forward, the Court of Chancery judge noted that Countrywide’s arguments in support of its claims that it is innocent of any wrongdoing were “substantial,” the AP reported. Separately, two of Countrywide’s board members have resigned. Former State Treasurer Kathleen Brown resigned on Mar. 30. Michael E. Dougherty notified that he would not stand for reelection. His term will end at the company’s upcoming annual meeting.

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