The Special Committee was unable to determine the dates on which Consents were fully executed in accordance with Delaware law.
The Special Committee made certain factual findings regarding the time at which the annual grants in fiscal years 1997, 20 were approved.
I thought I'd talk a little about where we are from an Enforcement perspective.
The information in this post was last updated on September 10, 2008 The purpose of this blog post is to track options backdating related litigation.
All of the companies that have been sued — and of which the will note at the top and bottom of this post the date on which the information was most recently updated, and will indicate in red which information has been most recently added.
The Special Committee found that the absence of contemporaneous documentation of the selection of grant dates and the failure to contemporaneously communicate the proposed grant date to the Option Committee led to the process being less transparent than desirable.
The selection of the grant date was not linked to the date on which the other principal terms of the annual grant (i.e., the identity of the option recipients and the number of shares underlying the options to be issued to each recipient) were arrived at by management and in some cases occurred prior to such date.