Backdating Stock Options

Stock options backdating cases have been relatively quiet for a while – but there still are some moving through the courts. Yesterday, for example, the former general counsel at Monster Worldwide Inc., the online employment behemoth, who earlier had pleaded guilty to securities fraud and conspiracy, was sentenced to a year’s probation, ordered to forfeit $381,000, and fined $6,000. 

William J.

It’s a good morning for Gregory Reyes, who was the chief executive officer of San Jose, California-based Brocade Communication Systems, Inc., a publically traded company engaged in the high-tech business of developing and selling network equipment and providing networking solutions.

An intermediate appellate court in New York has ruled that the general counsel of video game manufacturer Take-Two Interactive Software, Inc., who had pleaded guilty to a misdemeanor – falsifying business records in the second degree – stemming from an investigation into the company’s alleged backdating of stock options, should be suspended from the practice of law for three years.