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7/10/2008
Apple Off the Hook on Options
7/02/2008
Backdating Concerns Rise from the Ashes for Apple
Broadcom Founder Plans Guilty Plea on Backdating Charges
Backdating Litigation Brings Poor Payoffs to Plaintiffs?
Former Monster.com COO Faces Backdating Charges
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
Judge Skeptical of Apple Backdating Suit
CNET Cleared by SEC on Backdating Charges 8/15/2007
Former KLA General Counsel to Face Backdating Charges
Federal prosecutors Move Against Financial Advisor of Broadcom Co-Founder
8/08/2007
Brocade Conviction Is First Successful Criminal Prosecution of Stock Option Backdating
Broadcom and Chairman May Face SEC Charges
Apple Backdating Investigation Turns Toward the BOD
Former Apple CFO Makes Deal, Tells Tales on Jobs
Apple's Steve Jobs a Likely to Avoid Criminal Charges in Stock Options Probe
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
-- MDT
Labels: Apple, backdating, stock options
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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
5/18/2008
-- MDT
Labels: backdating, Broadcom, Henry Samueli, stock options
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.
2/04/2008
Labels: backdating, James Treacy, Monster.com, Myron Olesnyckyj, stock options
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
9/10/2007
--MDT
Labels: backdating, Labaton Sucharow, Mercury Interative, settlement, stock options
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
8/10/2007
For more on the Berry and KLA, check out Law.com.
-- MDT
Labels: backdating, Juniper Networks, KLA-Tencor, Lisa Berry, stock options
Federal prosecutors Move Against Financial Advisor of Broadcom Co-Founder
Federal prosecutors have moved a step closer to Broadcom co-founder, Henry T. Nicholas III, filing criminal charges against California attorney Craig Steven Gunther, who spent several years managing Nicholas's personal finances.
The Gunther indictment doesn't specifically mention stock option backdating. Early in the year the company made a massive $2.5 billion restatement resulting from backdating irregularities (the original estimate was more like $704 million) and saw its CFO resign as a result of the issues.
More on the Gunther indictment via Reuters.
-- MDT
The Gunther indictment doesn't specifically mention stock option backdating. Early in the year the company made a massive $2.5 billion restatement resulting from backdating irregularities (the original estimate was more like $704 million) and saw its CFO resign as a result of the issues.
More on the Gunther indictment via Reuters.
-- MDT
Labels: backdating, Broadcom, Craig Steven Gunther, Gregory Reyes, Henry Nicholas, stock options
3 Comments.
It's Brocade, not Broadcom, where the former CEO was convicted. In addition, charges haven't been filed against Nicholas, as the LATimes story that you link to makes clear.
Colin is correctomundo.
Impending fatherhood has clouded my mind and dulled my blog-fu. We're due tomorrow so I am fairly well distracted.
I have humbly corrected the above post.
-- MDT
Impending fatherhood has clouded my mind and dulled my blog-fu. We're due tomorrow so I am fairly well distracted.
I have humbly corrected the above post.
-- MDT
Just browsing the internet, You have a very, very interesting blog.
Post a Comment
Brocade Conviction Is First Successful Criminal Prosecution of Stock Option Backdating
Gregory L. Reyes, former CEO Brocade Communications Systems, has achieved the dubious distinction of becoming the first executive to be convicted on criminal charges relating to improper stock option backdating disclosures. Sentencing for Reyes is obviously still to come (Npvember 21, if you are keeping score) but he could face as much as 20 years in prison. While some expressed surprise at the guilty verdict, it can't be a good omen for the 200+ other companies facing similar scrutiny and potential prosecution.
-- MDT
7/26/2007
-- MDT
Labels: backdating, Brocade, convicted, Gregory Reyes, stock options
Broadcom and Chairman May Face SEC Charges
The SEC has been nosing around semiconductor, Broadcom for some time in relation to stock options irregularities, but now it seems charges against the company and chairman Dr. Henry Samueli. Both have received Wells Notices, these little love notes being common sign that the SEC is oiling up the shackles... Further details at CFO.com.
-- MDT
5/04/2007
-- MDT
Labels: Broadcome, Henry Samueli, SEC, stock options
Apple Backdating Investigation Turns Toward the BOD
With Steve Jobs, at this point, apparently not facing legal action for his role in Apple's stock option backdating kerfluffle, attention has turned to the Apple board and how it conducts itself. The board features a few folks you may have heard of including former Vice President, Al Gore and Google boss, Eric Shmidt.
The San Francisco Gate has the details.
-- MDT
4/25/2007
The San Francisco Gate has the details.
-- MDT
Labels: Apple, backdating, Fred Anderson, Steve Jobs, stock options
Former Apple CFO Makes Deal, Tells Tales on Jobs
Looks like Nacy Heinen and Fred Anderson - Apple's former general counsel and CFO, respectively - are coming out swinging. So far Heinen and Anderson are the only two Apple execs to take a public fall for the company's stock option backdating, but both may still have a great deal to say about the role of Apple CEO Steve Jobs.
Official charges against Heinen are expected from the SEC as soon as this week. She has vowed to fight. Anderson, on the other hand, has cut a deal with the SEC - paying $3.5 million to settle backdating-related charges against him.
More on all the schenanigans from Palo Alto, via the FT - here and here.
-- MDT
4/23/2007
Official charges against Heinen are expected from the SEC as soon as this week. She has vowed to fight. Anderson, on the other hand, has cut a deal with the SEC - paying $3.5 million to settle backdating-related charges against him.
More on all the schenanigans from Palo Alto, via the FT - here and here.
-- MDT
Labels: Apple, backdating, corporate scandal, Fred Anderson, Nancy Heinen, SEC, stock options
Apple's Steve Jobs a Likely to Avoid Criminal Charges in Stock Options Probe
Was there ever any doubt?
Details at Tech-Blorge.
-- MDT
Details at Tech-Blorge.
-- MDT
Labels: Apple, investigation, Steve Jobs, stock options
