It is alleged that the date of options granted to executives was manipulated so that they appeared to have been granted at an earlier date when the price was more favourable. As a result, corporates have delayed filing their earnings in order to remain compliant with the Sarbanes Oxley Act of 2002, which requires executives to attest personally to the accuracy of these statements.
The delay in providing this information to bondholders has caused many of these companies to technically breach their bond covenants.
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