Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, July 20, 2007

Updates on Options Backdating Crimes

The former general counsel and former chief accounting officer at Take-Two Interactive Software pleaded guilty yesterday to falsifying business records in connection with the backdating of stock  options in 2001-02.  Its former CEO pleaded guilty to similar charges in February.  NYTimes, 2 Ex-Officials of Take-Two Plead Guilty.  At the trial of former Brocade Communications Systems CEO Gregory Reyes on backdating, the judge said might not rule on whether to dismiss the charges until after the jury returns a verdict.  Previously, the judge asked the prosecutors about their evidence that would establish that Reyes understood the accounting rules.  NYTimes, Judge Still Weighing Brocade Charges.  In addition, the former CEO of Engineered Support Systems and his son were indicted on backdating charges, a week after the SEC filed civil charges against them.  WSJ, Suit Claims Monster's Ex-Chief Had Backdating Role.

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