Earlier in the week, we focused on how attorneys who specialize in securities and Sarbanes-Oxley might be adversely affected by the move to relax some of the section 404 requirements. Yesterday, we came across a Bloomberg piece that brought out a different perspective.
Corporate counsel are already feeling the Sarbox heat, more so now in light of the stock option backdating scandal that continues to drag on. Bloomberg reports that in-house attorneys at such big name public companies as Apple and Monster Worldwide -- and at least 12 more public companies -- have resigned or been fired as a result of options investigations.
The scandal encompasses at least 200 companies so far, and half of those have restated results -- to the tune of $9.2 billion. Shareholders have also filed around 300 lawsuits arising from options backdating practices.