Showing results for: “backdating”
Backdating stock options is a crime? Go figure.
Yesterday, Former Brocade CEO Steve Reyes was convicted of all criminal charges brought against him in the Brocade backdating scandal. (The ten charges included fraud, conspiracy, lying to the SEC, falsifying books, etc.) I am thrilled. Professor Larry Ribstein is not. To remind you, backdating stock options basically means lying and maintaining that stock options ... Backdating stock options is a crime? Go figure.
SEC takes a bite of the Apple
Today, the SEC filed securities fraud charges against two former Apple senior executives for matters pertaining to Apple’s backdating scandal. The SEC settled its claims against former Apple CFO Fred Anderson at the same time it filed suit. Anderson will pay about $3.5 million in disgorgement and penalties. Former Apple General Counsel Nancy Heinen did ... SEC takes a bite of the Apple
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
The current SSRN top tens for corporate, corporate governance, and securities law are after the jump.
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
The current SSRN top tens for corporate, corporate governance, and securities law are after the jump.
WaPo on stock options
WaPo provided its two cents on option backdating in an editorial appearing yesterday (see here). Its solution is to rein in the use of stock options, perhaps through regulation, and instead go with restricted stock. The reason: “options are opaque” and therefore “invite abuse.” Well that’s certainly a convincing argument for stripping corporations of a ... WaPo on stock options
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
The current SSRN top tens for corporate, corporate governance, and securities law are after the jump.
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
The current SSRN top tens for corporate, corporate governance, and securities law are after the jump.
Another study on the harm of backdating
Consistent with the finding of the article described here, this article describes a Bloomberg study finding that backdating “has so far cost investors at least $7.9 billion in market value.” The analysis looks to have controlled for industry specific factors by comparing returns to applicable sector indexes. What’s not clear, and this is a point ... Another study on the harm of backdating
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
The current SSRN top tens for corporate, corporate governance, and securities law are after the jump.
Backdating did harm investors.
Three Michigan B school profs have a new paper up on SSRN entitled “The Economic Impact of Backdating Executive Stock Options.� The paper adds some important data to the backdating debate. Specifically, the paper looked at 45 firms implicated in the backdating scandal and found that over a 21-day period surrounding the revelation of backdating, ... Backdating did harm investors.
Thoughts on Walker on Backdating
Professor Ribstein responds to David Walker’s backdating article, which Bill highlighted here at TOTM a few weeks ago. Larry’s take? This is a useful paper as far as it goes. The problem is that it has missed a significant chunk of the “literature” on this rapidly developing topic that has developed in our rapidly developing ... Thoughts on Walker on Backdating
SEC Office of Chief Accountant position on spring-loading and bullet-dodging
The SEC Office of the Chief Accountant issued a letter today “summarizing the staff’s views regarding the accounting for stock options in the historical financial statements of public companies.” See here. The letter addresses a number of accounting issues concerning option backdating. It also has this to say about spring-loading and bullet-dodging: H. Timing of ... SEC Office of Chief Accountant position on spring-loading and bullet-dodging
