Sec stock option backdating cases Sign up philippine sex chat sites
This apparently violates a whole bunch of SEC rules.
Heinen also exercised and sold 400,000 back-dated shares.
And, he did not directly benefit from the backdated options because they were canceled and exchanged for restricted shares.
Worst case, it happened on Jobs' watch, but he was far enough removed from the action to claim plausible deniability. Broadcom and others fingered the CEO, but that just shows how subjective this issue is.
You see, if you backdate stock options to a date when the price of the stock was lower, then the options are "in-the-money" when granted.
That means the company incurs an expense equal to the difference in the share price between the two dates.
I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.
Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?
In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back .6 million and never to do bad stuff again.
That seemed like a contradiction to me, but whatever.
After all, stock option backdating is all the rage these days.
You'd think they'd be up to their eyeballs in rope.