- From at least 1997 through 2001, Landan, Abrams and others managed earnings to meet expectations by secretly manipulating revenue and making fraudulent disclosures about sales orders.The practice shifted revenue in amounts ranging from million to 2 million between 19.The SEC also sued former KLA-Tencor chief executive Kenneth Schroeder, accusing him of repeatedly engaging in options backdating after becoming CEO in 1999 - including pricing large options awards to himself that allowed him to reap millions of dollars in windfalls never disclosed to the company's shareholders.The SEC has been investigating more than 100 public companies, many of them in Silicon Valley, over suspect timing of stock option awards to executives.For those of us out here watching with popcorn, it’s fun to think about how different things might have been if Cisco did buy Brocade back then.Today, Cisco would likely be selling Brocade switches as its midrange platform and Mc Data would probably still be foundering on its own.
and Mercury Interactive LLC, which were fined several million dollars under the accords.July 26, 2007 (Associated Press) WASHINGTON - Computer chip supplier KLA-Tencor Corp.on Wednesday became the third company to settle federal allegations of improper backdating of stock options, after being accused by regulators of concealing more than 0 million in compensation to executives and employees.- From 1997 through 2005, Landan and at times Abrams, Smith, Skaer and others failed to record more than 8 million in compensation expenses.
- The executives continued backdating despite shareholders approving a 1998 requirement that the exercise price of all employee options had to be 100 percent of the fair market value of the company’s stock on the grant date.
The news of the settlement was first reported today by The Recorder. Depending on your specific needs, the size of your environment, and your budget, it’s essential to weigh all cloud and on-prem options.