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Backdating Issues
The recent wave of investigations and lawsuits involving the alleged backdating of stock options promises to become one of the most widespread corporate crises in recent years. As these allegations mount, targets of the investigations will look to their insurance companies to help pay their potentially substantial defense costs and any resulting liabilities.
At the same time, insurance companies will be looking for ways to minimize, or even evade entirely, their coverage obligations. As a result, targets of backdating investigations must move quickly to protect their insurance coverage.
As has been widely reported, more than 80 companies ' including heavyweights such as Home Depot, Apple Computer and Barnes & Noble ' allegedly backdated stock options or otherwise manipulated options pricing. Although the practice of backdating stock options itself is not necessarily illegal, it may lead to a host of tax and regulatory liabilities. Some companies and their executives also have been sued in shareholder class actions based on the same allegations. Recent academic studies suggest many more companies have engaged in backdating stock options and therefore may be vulnerable to backdating-related allegations.
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