Investor advocates, shareholders and regulators are upset about the growing number of companies embroiled in stock option backdating, which allows company executives to get rich because of options retroactively granted in time for steep increases in stock value. "The backdating of stock option grants is akin to picking lottery numbers on the day after the winning numbers are announced," says a shareholder lawsuit against Caremark Rx Inc., one of the companies being investigated.
June 13, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Like betting on a horse race after its finish, some executives were guaranteed to be “in the money.”
That is how investor advocates and irate shareholders describe it as signs emerge daily about possible manipulation of the timing of stock options grants to enrich top company executives.
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