Sec backdating


25-Jan-2016 16:26

Main was paid .6-million in the last fiscal year. And it also settled a resulting class-action lawsuit filed in the U. District Court in Tampa that represented investors who purchased Jabil securities between Sept. That suit was dismissed by a federal court judge in April 2008 after Jabil agreed to change its compensation policies and pay out 0,000 to cover attorney's fees for the plaintiffs.On Tuesday, Jabil announced the unusual: The SEC had specifically told the company the inquiry was over. Here's what the company said: "Jabil announced that it had received a letter from the SEC Division of Enforcement advising that the Division had completed its investigation and did not intend to recommend that the SEC take any enforcement action." If the champagne is not flowing at Jabil's HQ, then at least there must be some grim satisfaction that the regulatory nightmare appears to be over.All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies.If you require any further clarification, please contact our Customer Services Department.Although we cannot directly test whether the SEC substituted toward lower-stake (but more salient) cases, the evidence presented here strongly suggests that the agency did so.Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues.Coincidentally, Jabil stock traded over a share in early 2006, just before the claims of backdating shenanigans. Not all companies accused of backdating stock options have fared so well.

We study the Securities and Exchange Commission's (SEC) enforcement decisions in the context of the highly salient back-dating scandal.We find that (1) the SEC shifted its mix of investigations significantly toward backdating and away from other accounting issues; (2) event studies of stock market reactions to the initial disclosure of backdating investigations shows that those reactions declined over our sample period; (3) later backdating investigations are less likely to target individuals and be accompanied by a parallel criminal investigation; (4) later investigations were more likely to be terminated or produce no monetary penalties; and (5) the magnitude of the option backdating accounting errors diminished over time relative to other accounting errors that drew SEC scrutiny. Petersburg electronics manufacturer Jabil Circuit Inc., it's been the equivalent of the Spanish Inquisition.For two years and eight months, Jabil has been under suspicion of backdating stock options for its executives in order to maximize their personal financial gains. story, the Securities and Exchange Commission and the U. Attorney's Office launched inquiries into the stock options practices at Jabil Circuit.

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In a conversation at Jabil headquarters during the SEC investigation, Main told me that the SEC threat and the vague allegations had hurt the morale at the company -- a 75,000-employee business with worldwide operations and, frankly, plenty of accompanying pride.Jabil executives spent a ton of money trying to defend or at least explain its stock options plan to the SEC, and lamented the distraction away from its competitive industry.



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