The Securities and Exchange Commission settled separate civil con charges with Mercury Interactive LLC and Brocade Communications Systems, two of the earliest companies to be embroiled in the funds options backdating scandal. The settlements are likely to set a pattern towards future cases. The SEC is reported to oblige undertaken at least backdating-related investigations.
Software maker Mercury Interactive and networking entourage Brocade, without admitting or denying the allegations, as well agreed to be incessantly enjoined against further violations. Reyes and other ancient executives, who repeatedly granted backdated stock options, misstated compensation expenses, and concealed the conduct by falsifying documents.
The SEC conjectural that the company backdated 45 different stock-option grants to executives and employees, representing every grant made by the company to executives and employees from to April It accused Skaer or others at her direction of preparing false documentation proper for the grants, including synthetic written consents and convention minutes. The complaint supposed that Landan, Abrams, Smith, and Skaer each from where one stands benefited from in-the-money backdated stock options, in the aggregate collecting millions of dollars through the false scheme.
The complaint besides alleged that from inclusive of Mercury, acting through Landan, Abrams, and Skaer, fraudulently backdated the date of option exercises of unavoidable senior Mercury officers.
According to the complaint, Mercury stopped the shipment of its products once fruits targets for a while had been achieved, pushing the recognition of the revenue into subsequent periods. Landan, Abrams, Smith, and Skaer were accused of violating or aiding and abetting violations of the antifraud, record-keeping, financial reporting, internal controls, equity dealing reporting, and proxy provisions of the federal securities laws.
The SEC said it is seeking invariable injunctions, disgorgement with prejudgment, interest, civil monetary penalties, and officer and chairman bars against each of the individuals in the Mercury case. In into the bargain, it will seek against Landan and Smith the reimbursement of bonuses and profits from stock sales under Section of the Sarbanes-Oxley Act.
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Is Gregory Reyes being made Silicon Valley's poster boy in the service of backdating of stock options? Executives at Broadcom, McAfee and Comverse Technology be dressed been able to shuffle federal criminal charges, but the defense may get been overconfident in shrinking from using witnesses on Reyes' behalf.
Another appeal may be in the works after the latest embarrassed finding by a jury.
O, a maker of data-storage network switches, said on Monday it struck an agreement to settle a lawsuit filed against it in May related to backdated stock options. The suit had also named certain former directors and officers of the company. Brocade is among more than companies that had been swept up in government probes into whether they gave stock options to employees with dates carefully chosen to ensure maximum profit, a process that is illegal if not properly accounted for on company books.
Backdated options typically are set at a low stock price to make them immediately valuable. That is legal, but only if a company takes a charge for the value of the granted options. The practice of backdating stock options was widespread in Silicon Valley during the dot-com boom of the late s, but ultimately led to billions of dollars in financial restatements during the last two years.
At least five other former executives at U. PK have pleaded guilty to backdating charges and been sentenced.
Does he like me more than a friend?Brocade Ex-CEO Found Guilty in Options-Backdating Trial to be criminally charged over alleged improper accounting of stock options. Brocade Ex-CEO Found Guilty in Options-Backdating Trial to be criminally charged over alleged improper accounting of stock options..
- Former Brocade CEO Reyes Guilty of Backdating Options, Again
- The case of a former Brocade Communications executive was the first stock options backdating case to go to trial. Is Gregory Reyes being made Silicon Valley's poster boy for backdating of stock options? Executives at Broadcom, McAfee and Comverse.
- Former Brocade Execs Charged with Backdating Stock Options - Compensation News on Compensation Administration.
- UPDATE 1-Brocade settles stock option backdating lawsuit | Reuters
- Reyes, routinely provided extra compensation to employees by granting valuable in-the-money stock options for which a financial statement expense was required.
A federal judge on Thursday sentenced Brocade Communications Inc. Reyes is to reveal to prison Sept. Reyes' lawyers said he is account an appeal. A jury in Cortege convicted Reyes of nine counts of fraud and making false statements.
The jury acquitted him of a collusion charge. The jurors agreed with prosecutors who said Reyes backdated stock chance grants so they had a debase price, enabling mood employees to filch more money when they bought and sold the lineage.
Backdating is forensic but must be publicly disclosed considering it affects the company's bottom edge.
- OPTIONS BACKDATING IS THE PRACTICE OF ALTERING THE DATE A STOCK OPTION WAS GRANTED, TO A...
- MERCURY, BROCADE HIT WITH STEEP BACKDATING FINES -
- EX-BROCADE CEO SENT TO PRISON FOR STOCK BACKDATING - THE SAN DIEGO UNION-TRIBUNE
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UPDATE 1-Brocade settles stock option backdating lawsuit
Brocade to Pay...
One of the larger backdating scandals occurred at Brocade Communications , a data storage company. Leave a Reply Cancel reply Your email address will not be published. You're currently subscribed to some eWEEK features and just need to create a username and password.
However, if the exercise price is below the market price so that the options are in the money , then the compensation will not be performance based, as the options would have intrinsic value immediately.
Executives at Broadcom, McAfee and Comverse Technology have been able to evade federal criminal charges, but the defense may have been overconfident in avoiding using witnesses on Reyes' behalf. The Thomson Reuters Trust Principles.
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What is OPTIONS BACKDATING? What does OPTIONS BACKDATING mean? OPTIONS BACKDATING meaning
Ex-Brocade CEO sent to...
You already have an account a social account with us. Executives at Broadcom, McAfee and Comverse Technology have been able to evade federal criminal charges, but the defense may have been overconfident in avoiding using witnesses on Reyes' behalf. Already have an Account? Reyes is to report to prison Sept. At one extreme, where it is clear that top management was guilty of conscious wrongdoing in backdating, attempted to conceal the backdating by falsifying documents, and where the backdating resulted in a substantial overstatement of the company's profitability, SEC enforcement actions and even criminal charges have resulted.
Therefore, any criminal prosecution is likely to be based on option grants made before Sarbanes-Oxley took effect, and the deadline facing the government for bringing those prosecutions has already passed.
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