And though most people had put backdating in the backburners of their minds, it has been in the news in this very last part of the decade.
Last week, federal judge threw out a criminal backdating complaint -- and a guilty plea -- relating to backdating allegations against Broadcom executives.
The company also announced that investors should not rely on the company’s financial statements for the fiscal years 1997 through 2005 and corresponding interim reporting periods through March 25, 2006.
And yesterday brought the second biggest backdating settlement of all time.
The Risk Metrics Group's Securities Litigation Watch has compiled a database of all the class action backdating lawsuits and their ultimate outcomes.
On July 1, 2008, California Public Employees’ Retirement System (“Cal PERS”) and Alaska Plumbing and Pipefitting Industry Pension Trust (“Alaska”) announced a settlement with United Health Group Inc.
and certain individual defendants for a record-breaking $895 million.
The team delved into the company’s documents and internal correspondence, uncovering United Health’s pervasive options backdating scheme.