The stock options backdating scandal generated by the media has, to date, “produced 16 criminal prosecutions, the disclosure that 220 companies have been subject to internal or federal investigations and 100 corporate earnings restatements totaling $12.4 billion.”[FOOTNOTE 1]
Government theories of wrongdoing have vacillated in accordance with underlying facts, but, for the most part, focus on securities law disclosure failures and accounting issues. The recent trial of Greg Reyes, former CEO of Brocade Communications, for activities related to options backdating illuminates the types of issues and defenses generated by these cases.
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