The Other Side of the Sarbox Lawyer Coin

Lora Bentley

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.


Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 



Add Comment      Leave a comment on this blog post

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

null
null

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 
Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.