Backdating


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Backdating

Predating a document or instrument prior to the date it was actually drawn. The negotiability of an instrument is not affected by the fact that it is backdated.

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Block & Leviton LLP is investigating the Company and certain of its officers and directors to determine how widespread the backdating problem is and whether any insiders at the Company personally profited from the alleged misstatements.
We further show that negative total accruals and discretionary accruals are associated with higher likelihood of backdating, which suggests that CEOs engaging in option backdating are more likely to use income-decreasing earnings management to get more favorable price for their new option grants as well.
This took place at the same time Apple was backdating options for Steve Jobs, putting an extra $20 million in his pocket.
The thing I liked about the Journal's treatment of the Alexander case was how the reporter managed to be respectful toward the Namibian legal system while at the same time hinting to readers that not every society has the same attitude toward backdating stock options as this one does.
Consider that in January 2008, current and former top officers of UnitedHealth Group agreed to pay a record $887 million to settle stock-option backdating charges brought by government agencies and by shareholders bringing private actions.
Backdating and its variants constitute failure to disclose compensation, which violates generally accepted accounting principles and the Sarbanes-Oxley Act.
In options backdating, a company issues stock options on one date but provides fraudulent documentation indicating that the options were issued earlier.
A backdating controversy may cost a company millions of dollars in defense costs alone, to say nothing of the potential liability on such claims.
AT LEAST 257 PUBLIC COMPANIES have option backdating problems.
Meanwhile, policyholders can learn certain lessons out of current cases if they're concerned about their own backdating practices, according to Jonathan M.
In many, but not all cases, backdating is illegal and unethical.