A recent decision in a stock option backdating case probably has the Securities and Exchange Commission wishing that it could do a little backdating of its own. In February a judge dismissed nearly all of the SEC’s backdating claims against the former general counsel and the former chief executive of Microtune Inc., saying that the statute of limitations had run out.
According to the commission, GC Nancy Richardson and CEO Douglas Bartek engaged in a fraudulent backdating scheme at the Texas-based electronics manufacturer between 2000 and mid-2003. But the defendants argued that because the SEC did not file suit until June 30, 2008, the bulk of its claims were barred by a five-year limitations period. The SEC, however, claimed that it was entitled to tolling under the fraudulent concealment doctrine.
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