Sycamore Execs, SEC Settle Options Backdating Suit

Law360, New York (July 10, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has settled a suit against Sycamore Networks Inc. that accused the company’s officers of granting roughly $250 million in backdated stock options to employees and concealing the practice from auditors and investors, the agency announced Wednesday.

The commission’s complaint, lodged in the U.S. District Court for the District of Massachusetts, was accompanied by the consent agreements of the defendants, including Sycamore’s former Chief Financial Officer Frances M. Jewels, former Director of Financial Operations Cheryl E. Kalinen and former Director of...
To view the full article, register now.