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It is too early to tell whether or not the Glass Lewis “second act” analysis really does portend a significant new phase in the options timing scandal.
It is worth noting that the original trigger for the initial round of options backdating investigations was a similar academic analysis of options practices.
Glass Lewis found that in several instances the price of company shares increased materially between the purported grant date and the date of the filing.
One of the companies Glass Lewis identified in the report is Silicon Image.
,” shareholder advisory firm Glass Lewis raises doubt about whether Sarbanes-Oxley eliminated the practice after all, and suggests that there may be a whole new round of options timing revelations ahead.
Inside the Milberg Weiss Indictment: Readers who can’t get enough of the details surrounding the indictment of the Milberg Weiss firm and two of its partners will definitely want to read the October 31, 2006 the standard volume on Enron’s demise.And in the final stages before the indictment, the firm remained controlled by “people in the crosshairs” (including Weiss) and so refused to meet prosecutors’ demands that might have averted the firm’s indictment.In other words, he was conducting himself as he has so often alleged that entrenched public company management behaves when management’s interests conflict with those of shareholders. The article makes for some pretty interesting reading, and includes a more detailed account of the facts and circumstances surrounding the Cooperman painting insurance fraud scam and its connection to the Milberg indictment, about which I previously wrote here (my prior post includes pictures of the now infamous Cooperman paintings).According to news reports (here), Glass Lewis found that several Silicon Image officers were late filing Form 4s in connection with options grants during 2004, 20.In 11 out of 12 grants during that period, Silicon Image’s stock price increased between the grant date and the (late) filing date.
According to the account, as the possibility of indictment moved closer and as the firm’s negotiations with prosecutors to avoid indictment fell apart, Weiss “repeatedly assured the partnership that it faced no danger.” He refused to bring in an outside firm to investigate.