Staples backdating settlement
The case was filed in December 2006 by Staples shareholder Donna Conrad against certain directors and officers of the company, including Staples Chief Executive Ronald Sargent.The case sought to recover damages caused to Staples as a result of backdating of Staples stock options.Stepp and Mc Callum each agreed to pay a ,000 civil penalty while Mr.
Many viewed the case as an indication that the SEC’s enforcement program is on the mend.The complaint, discussed here, is straightforward despite the complex transactions on which it is built.believed the sub-prime residential real estate market was about to collapse according to the SEC.The .25 million, from directors’ and officers’ insurance payments, will go to the company.Staples reported net income of 8.7 million in the fiscal year ended in January, on sales of .3 billion.
Search for staples backdating settlement:
Staples said the agreement involves no admission of wrongdoing and is subject to final approval by the Court of Chancery of the State of Delaware.