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A paper (click for PDF) that Lie and Randall Heron, an associate professor at Indiana University's business school, published on July 14 estimates that 18.9 percent of unscheduled grants to top executives from 1996 through 2005 were backdated or manipulated.The pair estimates that 29.2 percent of firms manipulated grants to top executives at some point between 19.Gregory Reyes, Brocade's chief executive until 2005, and Stephanie Jensen, the company's vice president of human resources from 1999 to 2004, are facing civil and criminal charges.In addition, Antonio Canova, Brocade's former chief financial officer, is facing civil charges. The FBI has not alleged that Reyes backdated stock options for his own financial benefit.
Those include Altera, Applied Micro Circuits, Asyst Technologies, CNET Networks (publisher of CNET News.com), Equinix, Foundry Networks, Intuit, Marvell Technology Group, RSA Security and Veri Sign.
Listen as our authoritative panelists examine the ramifications of backdating stock options, what to do — and not do — if questions arise and what companies can do to minimize their legal risks.
He is a member of the firm's Business Crimes and Investigations Practice Group.
Backdating of stock option grants has quickly arisen as the hottest area of concern for corporations, their boards, senior officers and in house and outside counsel.
In 2006, the SEC unanimously approved sweeping new rules for disclosures required on executive compensation, including the full value of options granted.Q: What's going on with Brocade Communications Systems?