Goldman Sachs Group Inc. (NYSE:GS) said Monday that it was named as a defendant in a shareholder lawsuit challenging the way the firm accounts for employee options. The plaintiffs contend that the company's proxy statement undervalues stock option awards while the company's senior management received excessive compensation. Specifically, the shareholders claim that the company issued excessive compensation (constituting corporate waste) due to the company not following the proper methodologies when calculating compensation. The lawsuit names the company's board of directors, executive officers, and members of its management as defendants seeking an injunction against the March 27th annual shareholders meeting and the voiding of any election of directors in the absence of an injunction. This is one of the first lawsuits of its kind since the new executive compensation rules took place, so it will be interesting to see if it goes anywhere or is simply dropped by the courts.