Read The Recorder‘s roundup of the stock-option backdating scandal. There won’t be a test later … but there might be a subpoena.



That’s not the case with McAfee, which said in a May statement that it knew of “one episode involving the general counsel in 2000 that was improper.”

It is not clear whether that statement refers to the stock grant on which prosecutors are focused. Prior to 2001, Roberts was the company’s vice president of legal affairs, not GC.

Plaintiff lawyers have alleged in a civil suit that a 2002 grant of 100,000 shares to Roberts was improper.

Lawyers familiar with the case said the initial stages of prosecutors’ case will likely be limited to Roberts, though the SEC could file charges against other former McAfee officials.

That wouldn’t be an entirely new situation for the tech company, which has had a checkered accounting past. In 2000, the company announced surprise revenue problems, leading to the CEO’s resignation. An ensuing SEC investigation resulted in securities fraud suits against several executives, and a $50 million fine for the company. And in 2004, McAfee � at the time known as Network Associates � saw its then-CFO indicted in a revenue inflation scheme.

More recently, the internal probe that prompted Roberts’ firing apparently got the federal prosecutors excited. The company announced in May it was talking to the SEC about options, and in June said it received an SEC subpoena.

That was followed by an announcement that McAfee would have to restate its earnings due to options problems, and in August, the San Francisco U.S. attorney’s office sent the company a grand jury subpoena.

Then in October, CEO George Samenuk resigned. His lawyer, Keker & Van Nest partner Elliot Peters, had no comment Thursday.

McAfee itself is represented by Robert Feldman, a partner at Wilson Sonsini Goodrich & Rosati. He referred questions to a firm spokeswoman, who couldn’t be reached by press time.

Lawyers for other executives also declined to comment Thursday, as did a spokesman for the U.S. attorney’s office.