Comverse backdating scandal Live web cam sexy

Posted by / 29-Nov-2019 20:05

Appearing before a Federal Court in New York City, Mr Kreinberg acknowledged that his actions were "wrong"."The company was in fact issuing backdated options with an exercise price lower than the fair market value on the grant date," he said.Although backdating had not yet been recognized as a problem, the provisions of Sarbanes-Oxley requiring that insiders report the acquisition of securities, including options, within two days of receipt greatly hindered the ability of corporations to backdate options.

Options were also backdated for new employees to dates prior to the date employment actually commenced.

He was detained in Namibia in August after allegedly fleeing the US earlier in the year.

Media reports have suggested that Mr Alexander intends to plead not guilty to the charges.

Prosecutors claim the three men hid this practice - known as 'backdating' - from other board members and Comverse's accountants.

They are also alleged to have falsified financial statements and ultimately pocketed more than m, with Mr Alexander taking .4m.

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A former executive with US software firm Comverse Technology has pleaded guilty to fraud and conspiracy in the award of lucrative stock options.

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