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Posted by / 12-Sep-2017 09:55

Backdating problems

Moreover, while a “significant number” of contract employees do not speak English, Sandoz only provided English training materials to those employees. FDA inspectors found an equipment qualification training assessment in the trash, indicating the employee had failed.

Despite the attention paid to this issue, little has been written explaining why backdating options is problematic and potentially illegal.In recent months, the SEC has brought two enforcement actions — one relating to Brocade and another involving Comverse.With respect to both, there are pending parallel criminal actions as well.First, there are the recently adopted rules relating to executive compensation disclosure which specifically address options.These rules, in combination with the prescient provisions of Sarbanes-Oxley requiring timely reporting of stock option grants, will go a very long way toward preventing the kinds of problems we are seeing today from occurring to the same degree in the future.

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As most of you know, the Comverse criminal case has had a certain amount of drama surrounding former CEO Kobi Alexander, who was first a fugitive from justice, and later was located after he took up residence in Namibia, where he is presently fighting extradition to the United States.

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