Word: bebchuk
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Dates: during 2000-2009
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Apple is hardly alone in backdating. Nearly 30% of U.S. companies manipulated options grants to executives between 1996 and 2005, and more than 200 companies have been implicated in options scandals. "Opportunistic timing in options is not unique," notes options expert Lucien Bebchuk, director of Harvard law school's program on corporate governance...
...shares in January 2000, the other for 7.5 million shares. The latter grant was finalized in December 2001 but backdated to October, when the stock was 13% cheaper. "The report seeks to downplay Jobs' involvement and the extent to which he understood the accounting implications of improper dating," says Bebchuk. The report implicated "two former officers," understood to be CFO Fred Anderson and former general counsel and board secretary Nancy Heinen, who resigned last year. They have denied any wrongdoing...
...Bebchuk said that because directors of a company are meant to safeguard against questionable actions of corporate executives, when directors are involved in undisclosed backdating practices, their regulatory role may be compromised...
...Nine percent is significantly more than what one would expect if grants were assigned by mere luck,” Bebchuk said in an interview yesterday...
...case of director grants, we don’t expect the dollar figures to be significant because, in general, the value of director grants is not large relative to the grants that are given to executives,” Bebchuk said. “The significance of the finding is from a governance perspective...