Investigations into the backdating of stock options has caused around half of the more than 100 companies under scrutiny by the SEC and/or the Department of Justice to miss deadlines for filing earnings. More are likely to follow, says Todd Fernandez, senior analyst at independent institutional research firm Glass Lewis & Co.
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.
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