Sec investigation stock options backdating companies
False option information can result in underpayment of income at the ordinary income tax rate and overpayment of capital gains taxes, which carry different rates.If you're audited you may have to pay back taxes and interest and possibly penalties.
Berry routinely used hindsight to identify dates which historically low stock prices, facilitating the backdating of option grants by KLA’s stock option committee. Berry established a similar backdating process at that company, creating minutes of fictitious stock option committee meetings to document false grant dates. In an unusual statement, the SEC outlined the cooperation of the company.If you hold stocks in any of the companies mentioned or you are concerned that your stock options may have been backdated - you should seek legal counselling.If you have suffered losses from the cancellation or devaluation of employee stock options and wish to fill out a complaint form or would like more information, please send your [stock option] complaint to a lawyer for a free case evaluation.In October, the computer-chip maker announced Chief Financial Officer Nathan Sarkisian left the company after a review of its options-granting practices pinpointed problems.The company also had to restate its earnings to reflect .6 million in costs pertaining to options grants.