By Securities Docket on December 16, 2008, 4:44 pm
Gary A. Ray, a former Vice President and head of Human Resources at KB Home Corp., has agreed to plead guilty to a conspiracy in 2006 to obstruct justice in connection with an internal investigation into stock option backdating at KB. The United States Attorney’s Office for the Central District of California announced today that [...]
Posted in Criminal | Tagged Guilty Pleas, Obstruction, Options Backdating
By Securities Docket on November 12, 2008, 10:09 pm
The SEC filed a settled enforcement action today against Blue Coat Systems, Inc. and its former CFO, Robert P. Verheecke, alleging that they backdated stock option grants to executives and employees and reported false financial information to shareholders. The case is also notable for being the final options backdating case that the SEC’s San Francisco [...]
Posted in SEC | Tagged Features, Options Backdating
By Securities Docket on October 18, 2008, 12:13 pm
Joe Russoniello, U.S. Attorney for the Northern District of California and Marc Fagel, Regional Director of the Commission’s San Francisco Regional Office, state that their offices are winding down efforts on the options backdating issue, the Mercury News reports. Fagel stated that the SEC did “find multiple instances of what we believe to be fraudulent [...]
Posted in SEC | Tagged Features, Options Backdating
By Securities Docket on September 30, 2008, 10:45 pm
Digital River Inc. stated Tuesday in a Form 8-K filed with the SEC that the SEC’s investigation related to the company’s past stock-option practices has been terminated and no enforcement action has been recommended. Digital River previously disclosed in December 2006 that the SEC had asked for documents about Digital River’s option-granting practices during the [...]
Posted in SEC | Tagged Investigations, Options Backdating
By Securities Docket on September 2, 2008, 9:27 am
Sapient (SAPE) announced on Friday that the SEC has notified it that the regulator’s investigation of Sapient’s historical stock option grant practices has been completed. According to Sapient, the notice states that the SEC staff does not intend to recommend any enforcement action by the Commission in the matter. Read the Sapient press release
Posted in SEC | Tagged Options Backdating
By Securities Docket on July 27, 2008, 5:39 pm
Michael Shanahan Sr., the former CEO of Engineered Support Systems, Inc., pleaded guilty last week to one charge related to backdating company options. According to the St. Louis Business Journal, he faces 15 to 21 months in prison and must pay $7.87 million to his former company. Shanahan Sr. reportedly admitted to signing falsely dated stock option [...]
Posted in Criminal | Tagged Options Backdating
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