Brocade backdating scandal gay bears dating personals
A business run without integrity is a scary proposition.From a consumer's perspective, customers rely on companies to provide goods and services.When those firms have no ethical boundaries, their wares become suspect.
On initial public offering (IPO), the company offered 3,250,000 shares, with an additional 487,500 shares offered to the underwriters to cover over-allotments.
The essence of the options backdating scandal can be summarized simply as executives falsifying documents in order to earn more money by deceiving regulators, shareholders and the Internal Revenue Service (IRS).
The roots of the scandal date back to 1972, when an accounting rule was put in place permitting companies to avoid recording executive compensation as an expense on their income statements so long as the income was in the form of stock options that were granted at a rate equal to the market price on the day of the grant, often referred to as an at-the-money grant.
Bonderson (a former executive from Intel Corporation and Sun). Brocade was incorporated on May 14, 1998, in Delaware.
The company's first product, Silk Worm, which was a Fibre Channel switch, was released in early 1997.