SEC Won't Go After Selectica For Options Backdating

Law360 (July 22, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has ended its probe of software maker Selectica Inc.'s stock options backdating practices without taking action, the company announced Tuesday.

In a filing Tuesday with the SEC, Selectica attached a letter dated July 8 informing it of the commission's decision.

In August 2007, the company announced the results of an independent investigation conducted by a special committee its board designated to investigate Selectica's stock option granting practices.

The committee found that the company lacked evidence supporting a “significant number” of...
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