Backdating Problem Severely Underestimated

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Backdating Problem Severely Underestimated

July 18, 2006 12:00 PM
From BusinessFinanceLink, Issue #335

The stock option backdating drama continues. Erik Lie, the University of Iowa professor whose research first drew attention to the scandal, predicts the number of companies guilty of backdating is much higher than it may first have appeared. Around 60 companies are currently under investigation by the SEC, but when Lie recently looked at nearly 8,000 companies in an academic study, he found that "at least 1,000 ... at some point manipulated or backdated their option grants." Rumor has it that the SEC will begin legal action in a major option fraud case this week.