Define Backdating

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The child is good at backstroke. One of the larger backdating scandals occurred at Brocade Communicationsa data storage company. It allegedly failed to inform investors, or account for the options expense s define backdating. In the modern business world, the Sarbanes-Oxley Act has all but eliminated fraudulent options backdating by requiring companies to report all options issuances within 2 days of the date of issue.

District Court for the Northern District of California. However, in late and earlythe issue of stock options backdating gained a wider audience. Numerous financial analysts replicated and expanded upon the prior academic research, developing lists of companies whose stock price performance immediately after options grants to senior management the purported dates of which can be ascertained by inspecting a company's Form 4 filings, define backdating available online at the SEC's website was suspicious.

For instance, public companies generally grant stock options in accordance with a formal stock option plan approved by shareholders at an annual meeting. Many companies' stock option plans provide that stock options must be granted at an exercise price no define backdating than fair market value on the date of the option grant. Thus, backdating can be misleading to shareholders in the sense that it results in option grants that are more favorable than the us ice dancing dating site approved in adopting the stock option plan.

The other major way that backdating can be misleading define backdating investors relates to the method by which the company accounts for the options. Until very recently, a company that granted stock options to executives at fair market value did not have to recognize the cost of the options as a compensation expense. However, if the company granted options define backdating an exercise price below fair market value, there would be a compensation expense that had to be recognized under applicable accounting rules.

If a company backdated its stock options, but failed to recognize a compensation expense, then the company's accounting may not be define backdating, and its quarterly and annual financial reports to investors may be misleading. Although many companies have been identified as having problems define backdating backdating, the severity of the problem, and the consequences, fall along a broad spectrum. At one extreme, where it is clear that top management was guilty of conscious wrongdoing in backdating, attempted to conceal the backdating by falsifying documents, and where the backdating resulted in a substantial overstatement of the company's profitability, SEC enforcement actions and even define backdating charges have resulted.

Toward the other extreme, where the backdating was a result of overly informal internal procedures or even just delays in finalizing the paperwork documenting define backdating grants, not intentional wrongdoing, there is likely define backdating be no formal sanction—although the company may have to restate its financial statements to bring its accounting into compliance with applicable accounting rules. With respect define backdating the more serious cases of backdating, it is likely that most of the criminal actions that the government intended to bring define backdating brought in There is a five-year statute of limitations for securities fraud, and under the Sarbanes-Oxley Act define backdatingoption grants to senior management must be reported within two days of the grant date.


Definition of 'backdate'


Backdating Law and Legal Definition

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