Comverse technology stock option backdating black men dating site
In a study that I started in 2003 and disseminated in the first half of 2004 and that was published in Management Science in May 2005 (available at I found that stock prices also tend to decrease before the grants.
Furthermore, the pre-and post-grant price pattern has intensified over time (see graph below).
First by committing the crimes he’s accused of, and a second time by fleeing the country when he became aware his actions had caught up to him.
This case serves as a reminder that the FBI's reach is global, and our commitment to seeing justice served doesn't stop at a border—out of sight will never mean out of mind, and we don’t let you get away that easily According to documents filed in this case, Comverse was a communications software company with offices in Woodbury, New York.
Backdating does not violate shareholder-approved option plans.
Most shareholder approved option plans prohibit in-the-money option grants (and thus, backdating to create in-the-money grants) by requiring that option exercise prices must be no less than the fair market value of the stock on the date when the grant decision is made. For example, because backdating is used to choose a grant date with a lower price than on the actual decision date, the options are effectively in-the-money on the decision date, and the reported earnings should be reduced for the fiscal year of the grant.
Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options.Last year, Alexander was extradited from Namibia after having been indicted in the Eastern District of New York more than ten years ago. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI). Capers thanked the Securities and Exchange Commission (SEC) and the Department of Justice’s Office of International Affairs (OIA) for their cooperation and assistance in the prosecution.“Today’s sentence should send a powerful message to high ranking executives that corporate rank is no shield to criminal liability.Today’s sentence represents the longest term of incarceration imposed by a court in connection with an options backdating scheme. CEOs and other members of the C-suite who commit crimes will be held to account to the full extent of the law. Comverse was a component stock of the S&P 500 and the NASDAQ 100 at the time of the offense. Capers of the Eastern District of New York, and William F. – Jacob Alexander, also known as “Kobi Alexander,” an Israeli national, was sentenced earlier today to 30 months in prison after having pleaded guilty to securities fraud for his role in a stock options backdating scheme involving Comverse Technologies Inc. Alexander was a former Chief Executive Officer and Chairman of the Board of Directors of Comverse, which was traded on the NASDAQ stock market.