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Roku Board, Founder Sued Over ‘Spring-Loaded’ Stock Options

Nov. 29, 2021, 6:43 PM

A Roku Inc. investor filed suit in Delaware against its senior leaders, including founder Anthony Wood, claiming they gave themselves “spring-loaded” options timed to exploit an undisclosed earnings report that was set to send its stock price soaring.

The lawsuit, made public Monday, targets Wood—Roku’s longtime CEO, chairman, and president—along with its chief financial officer, two executive vice presidents, and board members who sit on the company’s compensation committee.

It accuses the executives of making $14.5 million in two weeks on options with an exercise price of around $101 a share—where the company’s stock was trading in August 2019—when earnings ...

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