Former Atmel Corp. GC Accused of Backdating Options
The former general counsel and the former chief executive of Atmel Corp. are primarily responsible for improperly backdating company stock options, the company said in an April 30 release. Atmel's board of directors fired both CEO George Perlegos and General Counsel Mike Ross in August 2006 following an unrelated investigation...
May 02, 2007 at 05:08 AM
3 minute read
The original version of this story was published on Law.com
The former general counsel and the former chief executive of Atmel Corp. are primarily responsible for improperly backdating company stock options, the company said in an April 30 release.
Atmel's board of directors fired both CEO George Perlegos and General Counsel Mike Ross in August 2006 following an unrelated investigation into the misuse of corporate travel funds.
Atmel said that improperly awarded options from 1994 through 2004 will cause the company to restate some financial results. The company said an internal review found at least 93 cases in which options were improperly awarded.
According to the San Jose, Calif.-based semiconductor manufacturer, Ross was the company's general counsel from 1989 until his termination last year. Ross handled communications with the board regarding stock options and at times supervised the company's stock administration department.
The board's audit committee found evidence that Ross directed changes to stock options many months after the board of directors approved them and that he directed employees to issue backdated stock option grants. They also found evidence that Ross personally benefited from backdated stock options that were not approved by the board.
The former general counsel and the former chief executive of Atmel Corp. are primarily responsible for improperly backdating company stock options, the company said in an April 30 release.
Atmel's board of directors fired both CEO George Perlegos and General Counsel Mike Ross in August 2006 following an unrelated investigation into the misuse of corporate travel funds.
Atmel said that improperly awarded options from 1994 through 2004 will cause the company to restate some financial results. The company said an internal review found at least 93 cases in which options were improperly awarded.
According to the San Jose, Calif.-based semiconductor manufacturer, Ross was the company's general counsel from 1989 until his termination last year. Ross handled communications with the board regarding stock options and at times supervised the company's stock administration department.
The board's audit committee found evidence that Ross directed changes to stock options many months after the board of directors approved them and that he directed employees to issue backdated stock option grants. They also found evidence that Ross personally benefited from backdated stock options that were not approved by the board.
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