Professor Joseph Grundfest's opinion about pending cases on backdating of stock options is quoted in this blog:

In several of the suits dismissed, courts have found that plaintiffs didn’t plead that a majority of board members had sufficient interest in the alleged backdating to compromise their judgment. “The legal business operates on precedent, and the precedent seems to be accumulating that plaintiffs will have a hard time establishing ‘demand futility,’” says securities-law expert and Stanford Law professor Joseph Grundfest. “That said, it’s still early.”