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Posted by / 13-Jan-2020 17:23

Restricted stock backdating

SEC, Department of Justice, and IRS Investigations/Proceedings.

In light of the charges filed against the Brocade executives and the other widely reported SEC and Department of Justice investigations into the stock option grant practices at a number of other public companies, this Commentary reviews the scope of the investigations and their potential ramifications and recommends steps to be considered going forward.Therefore, if an option was backdated, a company may have improperly failed to record compensation expense, which may require it to restate historical financial statements.A number of companies under investigation have already announced that they will be restating historical financial statements.Theories for Potential Civil and Criminal Liability.Because improper accounting and disclosure regarding a company’s option grant practices can have a material impact on the accuracy of its financial statements, claims under multiple federal and state statutory provisions, as well as common law, are likely if disclosure of improper practices becomes required.

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