Stock options backdating rules
The recoveries ranged from ,000,000 to 6,000,000, with a mean of ,108,008.
A percentage of the recoveries was given to the plaintiff attorneys.
Of the 151 stock option backdating litigation observations, 53 were parallel (they included both private securities class actions and derivative lawsuits) and 98 were derivative-only.
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20%, the fraudster executives were forced to depart their companies.
In multiple logistic regression, which included control variables, the difference was significant at a probability value of .003.
On the other hand, the financial reporting to the shareholders was fraudulent, since compensation expense was understated, resulting in overall expenses being understated, and net income and earnings per share being overstated.
Thus the stock option backdating litigation could be viewed as appropriate for a private securities class action, except that often the materiality of the resulting overstatement of net income and earnings per share was debatable.