Grabbing ahold of recent findings of prosecutorial misconduct in stock options backdating cases, lawyers for the former head of KB Home have asked for a hearing into whether misconduct has tainted a similar backdating case against their client.
Bruce Karatz, who was chief executive of KB Home from 1986 to 2006, faces 20 counts of defrauding the Los Angeles homebuilder and its shareholders by awarding himself and others millions of dollars in undisclosed backdated stock options. He was accused of concealing the backdated options from KB Home’s board of directors, compensation committee and shareholders for seven years.
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