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3/08/2009
Former KB Home CEO Faces Backdating Charges
9/14/2008
Apple Settles Backdating Lawsuit
Apple Off the Hook on Options
Backdating Concerns Rise from the Ashes for Apple
Broadcom Founder Plans Guilty Plea on Backdating Charges
Broadcom CEO Henry Nicholas: Life of the Party
5/18/2008
Backdating Litigation Brings Poor Payoffs to Plaintiffs?
Former Monster.com COO Faces Backdating Charges
Peregrine Systems Trial Reaches Second Hung Jury
Backdating Back in the Spotlight
KLA Backdating Case Reaches $65 Million Conclusion
Backdating Stings Former Monster CEO (Repeatedly)
Brocade's Gregory Reyes Denied New Trial
Things Looking Up for Brocade CEO, Reyes
Apple's Former General Counsel Comes Back Swinging
Settlement in Mercury Interactive Backdating Case
Backdating 2.0
9/10/2007
Judge Skeptical of Apple Backdating Suit
CNET Cleared by SEC on Backdating Charges 8/15/2007
Former KLA General Counsel to Face Backdating Charges
Former KB Home CEO Faces Backdating Charges
Backdating. Quaint, right?
In the face of the Madoffs, Stanfords et. al. In the cold hard light of 2009 backdating seems downright kiddie pool way to defraud your shareholders. But punished it must be and Bruce Karatz, former CEO of KB Home, is facing 20 counts - with a potential (cough) 415 years in prison.
Another former KB exec, Garry Ray plead guilty a month ago to conspiring with Mr. Krantz to obstruct the SEC investigation into backdating at KB Homes. That can't be a terribly good sign for Krantz. Bloomberg has the rest.
-- MDT
In the face of the Madoffs, Stanfords et. al. In the cold hard light of 2009 backdating seems downright kiddie pool way to defraud your shareholders. But punished it must be and Bruce Karatz, former CEO of KB Home, is facing 20 counts - with a potential (cough) 415 years in prison.
Another former KB exec, Garry Ray plead guilty a month ago to conspiring with Mr. Krantz to obstruct the SEC investigation into backdating at KB Homes. That can't be a terribly good sign for Krantz. Bloomberg has the rest.
-- MDT
Labels: backdating, Bruce Karatz, Garry Ray, KB Home
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Apple Settles Backdating Lawsuit
Glad that this is out of the way so that Steve and Co. can make with the new laptops next month. My 1.5 Ghz Powerbook is getting a little long in the tooth.
-- MDT
7/10/2008
-- MDT
Labels: Apple, backdating, Steve Jobs
Apple Off the Hook on Options
At least when it comes to the Justice Department. Allegedly aggrieved investors may have other ideas. Me personally, I'm just excited for the iPhone 2.0 upgrade available on Friday.
-- MDT
7/02/2008
-- MDT
Labels: Apple, backdating, stock options
Backdating Concerns Rise from the Ashes for Apple
We'll see if they gain any more traction via this new civil suit. The last run through saw Apple jettison its general counsel, among others.
-- MDT
6/25/2008
-- MDT
Labels: Apple, backdating, Steve Jobs, stock options
Broadcom Founder Plans Guilty Plea on Backdating Charges
The Wall Street journal has suggested a 5 year probation and 12 million fine might be part of the deal Broadcom co-founder, Henry Samueli has struck with prosecutors. Federal cases are still pending against three other execs from the company in relation to stock option backdating irregularities.
-- MDT
6/08/2008
-- MDT
Labels: backdating, Broadcom, Henry Samueli, stock options
Broadcom CEO Henry Nicholas: Life of the Party
I find it utterly shocking (shocking, I say) that this piece of work managed to "lose" $2.2 billion.
-- MDT
Labels: backdating, Broadcom, class action, Henry Nicholas, SEC
Backdating Litigation Brings Poor Payoffs to Plaintiffs?
CFO.com has the quick and dirty details on a recent NERA study handicapping the success of stock option backdating litigation. You can find the full report right here, if your of a mind to check it out.
-- MDT
5/05/2008
-- MDT
Labels: backdating, stock options
Former Monster.com COO Faces Backdating Charges
James Treacy joins General Counsel Myron Olesnyckyj on the list of former Monster.com execs charged in the firm's 1997 to 2005 stock option backdating schemes. Squarely in the doesn't bode well for Treacy column is the fact that Olesnyckyj plead guilty in February of last year.
3/23/2008
Labels: backdating, James Treacy, Monster.com, Myron Olesnyckyj, stock options
Peregrine Systems Trial Reaches Second Hung Jury
Maybe they ought to just go for the physical challenge at this point?
Details on the (second) Peregrine mistrial right here.
-- MDT
2/25/2008
Details on the (second) Peregrine mistrial right here.
-- MDT
Labels: backdating, mistrial, Peregrine Systems
Backdating Back in the Spotlight
This time the attention is on remarkably well-timed spates of corporate giving. Get the details via Dealbreaker. Also note their new and, if I may say, much less hideously ugly site design. Kudos, guys. For more on the story, try this article at the exceedingly well designed Portfolio.com.
-- MDT
2/04/2008
-- MDT
Labels: backdating, corporate giving, Dealbreaker
KLA Backdating Case Reaches $65 Million Conclusion
The final figures aren't out but KLA has reportedly signed a letter of agreement to settle class action litigation brought against the firm in relation to a $935 million loss of market cap resulting from reports of stock option backdating.
Word of the looming settlement comes from a 10-Q statement KLA recently filed with the SEC. Lawyers in the case are calling this one of the biggest awards yet in backdating-related litigation.
This won't end the problems for KLA, which is still facing several shareholder derivative suit and multiple state and Federal investigations.
-- MDT
1/23/2008
Word of the looming settlement comes from a 10-Q statement KLA recently filed with the SEC. Lawyers in the case are calling this one of the biggest awards yet in backdating-related litigation.
This won't end the problems for KLA, which is still facing several shareholder derivative suit and multiple state and Federal investigations.
-- MDT
Labels: backdating, KLA-Tencor, settlement, stock options
Backdating Stings Former Monster CEO (Repeatedly)
Big day for accused stock option backdater and former Monster.com CEO, Andrew McKelvey:
A settlement with his former firm.
A deferred prosecution agreement with the New York DA.
And a big pay-out to the SEC.
I said a BIG day, not a good day. Sheesh.
-- MDT
1/10/2008
A settlement with his former firm.
A deferred prosecution agreement with the New York DA.
And a big pay-out to the SEC.
I said a BIG day, not a good day. Sheesh.
-- MDT
Labels: Andrew McKelvey, backdating, Monster.com, stock options
Brocade's Gregory Reyes Denied New Trial
This despite the fact that a major witness for the prosecution has recanted portions of her testimony. According to U.S. District Court Judge Charles Breyer, who made the call, the witness's statements would not have had an impact on the outcome of the trial. Reyes, you may recall, as the distinction of being the first executive to go to trial of improper accounting of stock option grants.
-- MDT
11/15/2007
-- MDT
Labels: backdating, Brocade, Gregory Reyes, stock options
Things Looking Up for Brocade CEO, Reyes
Gregory Reyes just had a good day.
The former Brocade CEO was recently convicted on charges relating to stock option backdating and since then his future had been looking, lets face it, on the bleak side. But that was before he got some reasonably good news from federal Judge Charles R. Breyer.
Breyer elected to delay Reyes' sentencing until after the conclusion of the trial Stephanie Jensen, the former Brocade head of human resources and an alleged co-conspirator. Several charges against Jensen were also dropped. All this is seen as an indication that Reyes expected 10-year plus prison terms might be shrinking.
More on the Reyes sentencing from Workforce Management.
-- MDT
11/06/2007
The former Brocade CEO was recently convicted on charges relating to stock option backdating and since then his future had been looking, lets face it, on the bleak side. But that was before he got some reasonably good news from federal Judge Charles R. Breyer.
Breyer elected to delay Reyes' sentencing until after the conclusion of the trial Stephanie Jensen, the former Brocade head of human resources and an alleged co-conspirator. Several charges against Jensen were also dropped. All this is seen as an indication that Reyes expected 10-year plus prison terms might be shrinking.
More on the Reyes sentencing from Workforce Management.
-- MDT
Labels: backdating, Brocade, Gregory Reyes, Stephanie Jensen, stock options
Apple's Former General Counsel Comes Back Swinging
Ousted and indicted former Apple General Counsel, Nancy Heinen is readying her defense against stock option backdating charges from the SEC. Apple dismissed Heinen when the SEC came calling on the company regarding questionable grants practices.
While Apple patriarch, Steve Jobs seemed to be at least momentarily in the cross-hairs (and many predicted his sort, swift downfall), it was Heinen along with a few other high level company employees who have ultimately faced repercussions.
In her defense Heinen is seeking financial records from fellow former Apple in-house attorney, Wendy Howell. Howell, also canned in the options mess, was the individual who actually wrote the questionable options grant to Steve Jobs. Howell has indicated she falsified the options grant under pressure from Heinen.
Heinen wants access to the documents to show that Howell was under considerable financial distress at the time, hoping to discredit her testimony. Howell has thusfar resisted the overtures of the Heinen defense team citing privacy concerns.
Heinen recently filed suit against her former co-worker in an effort to produce the documents. MacWorld UK has the details on the case of Heinen v. Howell.
-- MDT
10/16/2007
While Apple patriarch, Steve Jobs seemed to be at least momentarily in the cross-hairs (and many predicted his sort, swift downfall), it was Heinen along with a few other high level company employees who have ultimately faced repercussions.
In her defense Heinen is seeking financial records from fellow former Apple in-house attorney, Wendy Howell. Howell, also canned in the options mess, was the individual who actually wrote the questionable options grant to Steve Jobs. Howell has indicated she falsified the options grant under pressure from Heinen.
Heinen wants access to the documents to show that Howell was under considerable financial distress at the time, hoping to discredit her testimony. Howell has thusfar resisted the overtures of the Heinen defense team citing privacy concerns.
Heinen recently filed suit against her former co-worker in an effort to produce the documents. MacWorld UK has the details on the case of Heinen v. Howell.
-- MDT
Labels: Apple, backdating, Nancy Heinen, SEC, stock options
Settlement in Mercury Interactive Backdating Case
Lawfirm Labaton Sucharow has reached a $117.5 million settlement with the company.
--MDT
10/03/2007
--MDT
Labels: backdating, Labaton Sucharow, Mercury Interative, settlement, stock options
Backdating 2.0
October 10th might be an important date when it comes for forecasting SEC enforcement priorities for the new year. Last March SEC Directory of Enforcement, Linda Chatman Thomsen indicated that the commission was going to be looking in to irregularities in sanctioned 10b5-1 stock-trading plans for corporate executives.
Chatman Thomsen is scheduled to speak on October 10th at the National Association of Stock Plan Professionals in San Francisco and increased SEC attention to insider trading issues is certainly on a lot of minds.
Details via Financial Week.
And for some past comment on backdating from Chatman Thomsen, check out this October '06 statement from SEC.com.
-- MDT
Chatman Thomsen is scheduled to speak on October 10th at the National Association of Stock Plan Professionals in San Francisco and increased SEC attention to insider trading issues is certainly on a lot of minds.
Details via Financial Week.
And for some past comment on backdating from Chatman Thomsen, check out this October '06 statement from SEC.com.
-- MDT
Labels: 10b5-1, backdating, Linda Chatman Thomsen, SEC
1 Comments.
Song of Deborah
...They chose new gods; then was war in the gates... Awake, awake, Deborah: awake, awake, utter a song... the LORD made you have dominion over the mighty... Curse ye Meroz, said the angel of the LORD, curse ye bitterly the inhabitants thereof; because they came not to the help of the LORD, to the help of Justice against the mighty... Have they not divided the prey; to every man a damsel or two? So let all thine enemies perish, O LORD: but let them that love him be as the sun when he goeth forth in his might. And the land rest forty years. Judges 5.
Deborah Palfrey deserves the Pemberton Award for Clean Governance.
Palfrey list is like the Black Book of 1918.
That Trial of the century is deleted from all books.
The list there had 47000 names.
The list here has 46000 phone bills.
The listed are not womenizers, machos or ordinary sinners.
They are power brokers, gay lutheran shock n awe blitzkrieg agitators of all wars and all panics.
These wretches are one dirty cover to the real pimps deep undercover.
A curse on the kingpins, Justice Charles Darling then and Judge Adolph Kramer Kessler now.
Noel Pemberton-Billing
Trial of the Century 1918
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...They chose new gods; then was war in the gates... Awake, awake, Deborah: awake, awake, utter a song... the LORD made you have dominion over the mighty... Curse ye Meroz, said the angel of the LORD, curse ye bitterly the inhabitants thereof; because they came not to the help of the LORD, to the help of Justice against the mighty... Have they not divided the prey; to every man a damsel or two? So let all thine enemies perish, O LORD: but let them that love him be as the sun when he goeth forth in his might. And the land rest forty years. Judges 5.
Deborah Palfrey deserves the Pemberton Award for Clean Governance.
Palfrey list is like the Black Book of 1918.
That Trial of the century is deleted from all books.
The list there had 47000 names.
The list here has 46000 phone bills.
The listed are not womenizers, machos or ordinary sinners.
They are power brokers, gay lutheran shock n awe blitzkrieg agitators of all wars and all panics.
These wretches are one dirty cover to the real pimps deep undercover.
A curse on the kingpins, Justice Charles Darling then and Judge Adolph Kramer Kessler now.
Noel Pemberton-Billing
Trial of the Century 1918
Judge Skeptical of Apple Backdating Suit
(In keeping with our iPhone theme...)
Justin Scheck at the LegalPad Cal Law blog has details...
-- MDT
9/06/2007
Justin Scheck at the LegalPad Cal Law blog has details...
-- MDT
Labels: Apple, backdating, Cal Law Blog, stock options
CNET Cleared by SEC on Backdating Charges 8/15/2007
Former KLA General Counsel to Face Backdating Charges
According to Law.com, by September 30 the SEC plans to file stock option backdating-related civil charges against Lisa Berry of KLA in connection with backdating irregularities at KLA-Tencor and Juniper Networks. Berry currently works for Tellme Networks.
For more on the Berry and KLA, check out Law.com.
-- MDT
For more on the Berry and KLA, check out Law.com.
-- MDT
Labels: backdating, Juniper Networks, KLA-Tencor, Lisa Berry, stock options
