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There have already been nearly 150 shareholder derivative lawsuits filed, as well as over 100 public inquiries launched by both the SEC (Securities and Exchange Commission) and DOJ (Department of Justice).
Nearly 40 directors and officers have resigned as a result of these investigations.
S., the Canadian Securities Administrators (CSA) released a staff notice, which provides directors with certain guidelines intended to reduce the risk of non-compliance with securities legislation.
Just how high these numbers will climb is not yet certain; according to a study conducted by Professor Lie of the University of Iowa, an estimated 30%, or 2 300, American corporations have engaged in the backdating of stock options.
Recent court decisions have given way to a variety of actions against both company executives and directors.
Certain practices are more likely to raise red flags than others; grants by unanimous written consent and large grants with long lists of grantees are among such practices.
Open-ended clauses reading "effective as of", as well as long, ambiguous lists attached to more complex grant documents, are particularly likely to raise suspicions of misconduct.
S., the preliminary results of a study reported in the Chicago Tribune appear to suggest that the practice is nevertheless present in this country.
Although only a preliminary report has been compiled to date, the study notes that, following the examination of 66 of Canada's largest corporations, exchange practices in line with those of backdating were found.
As opposed to an "the money" option holds an intrinsic value; there is already a built-in profit at the time of the grant.
Options backdating contravenes the very nature and purpose of stock option grants.
Of late, Delaware's Court of Chancery has agreed to hear a shareholder derivative suit that is aimed at both the directors and the recipients of backdated stock options; the former for a breach of their fiduciary duty, and the latter for unjust enrichment.Tags: Adult Dating, affair dating, sex dating