The other major way that backdating can be misleading to investors relates to the method by which the company accounts for the options. Initially, lax enforcement of the reporting rule was also blamed for allowing many companies to sidestep the rule adjustment that stemmed from Sarbanes-Oxley.
Lin was accused of backdating stock option documents in order to give the appearance that options were granted on earlier dates than issued. Heinen for their alleged roles in backdating Apple options. Thus, backdating can be misleading to shareholders in the sense that it results in option grants that are more favorable than the shareholders approved in adopting the stock option plan.
This included options backdating presented in offer letters to new hires. Critics of backdating argue that the practice is difficult to detect and thus encourages boards and executives to use it to synthesize more creative compensation packages. However, he only realizes this in January and so wishes to backdate the document to December. Disordered, untimely paperwork was cited as the cause in some cases of unintentional backdating. It allegedly failed to inform investors, or account for the options expense s properly.
This all but eliminated the opportunity for senior management to engage any meaningful options backdating. For instance, public companies generally grant stock options in accordance with a formal stock option plan approved by shareholders at an annual meeting.
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