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From a shareholder's perspective, nobody likes to be lied to when providing the financing and paying the salaries.
(See also: .) In the early 2000s, new accounting provisions were enacted that required companies to report their option grants within two days of their issue and also required that all stock options be listed as expenses.
Previously, Form 4s weren’t required when options were granted, only exercised, just when they’re exercised.
Glass Lewis believes a late Form 4 can be a sign of post-Sarbanes-Oxley backdating.
And, tellingly, the losses are attenuated when tainted management of less successful firms is more likely to be replaced and relatively many firms become takeover targets.
The study, published in 1997, identified a strange pattern of extremely profitable option grants, seemingly perfectly timed to coincide with dates on which the shares were trading at a low.From a consumer's perspective, customers rely on companies to provide goods and services.When those firms have no ethical boundaries, their wares become suspect.(See also: .) As a result, firms restated earnings, fines were paid and executives lost their jobs—and their credibility.The SEC reported that investors suffered in excess of billion in losses due to share price declines and stolen compensation.