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SEC Sues Embarcadero Execs Over Backdating

Law360 (September 10, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission Tuesday accused two former executives of Embarcadero Technologies Inc. of concealing from shareholders and regulators more than $14 million in backdated stock options, after settling a related lawsuit with the company's former president.

According to the SEC’s complaints, filed in the U.S. District Court for the Northern District of California, former Embarcadero President Stephen R. Wong, former Chief Financial Officer Raj P. Sabhlok, and former Controller Michael C. Pattison routinely granted lucrative options to employees priced well below the actual...
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