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On Wednesday, federal prosecutors charged three senior executives at Comverse Technology ( CMVT) with securities fraud, representing the second company to face criminal charges as a result of backdating.
Altera has received a subpoena from the Justice Department and notice about an SEC inquiry relating to its stock-option grants.
According to the 8-K, the “restatement adjustments will total .6 million (pre-tax) and relate primarily to (1) stock option grant measurement date errors from December 1996 through February 2001 (.8 million), (2) stock option grant agreement modifications from 1996 to 2002 in connection with the termination of certain employees’ employment (.3 million), and (3) other adjustments (.5 million), principally related to the accounting for the Company’s service award program.” That’s a much different treatment than what the committee initially expected: they had planned on restating for the entire period instead of just one year with a catch-up adjustment.
If “Altera” and “options” in the same sentence ring a bell for you, they should.
The body count continues, and it shows that one of the early investor concerns over backdating investigations is coming to fruition: what happens to a firm if it loses management talent?After all, stock option backdating is all the rage these days.You'd think they'd be up to their eyeballs in rope.But how does that relate to hiring prostitutes and drugging customers without their knowledge?Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?