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ACS said the executives improperly backdated the price of options grants during a period from 1994 to 2005.During that time, ACS said the executives deliberately chose days on which ACS's stock took a dip as the effective date for the options, making them more valuable when exercised.
In addition, ACS failed to maintain accurate records of stock option grants and they were short of internal controls required for such grants. Initially created as a data services provider to the financial services industry, Deason led ACS’s expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries.In 1995 ACS became a public company and divested bank data processing.By FY 1996 ACS became the fourth largest commercial outsource provider in the U. More recently, ACS was best known for its Transportation Solutions Group (TSG), which supported transportation services including electronic toll collection, management of cities’ parking systems, and photo traffic enforcement.In 2009, ACS ranked #401 on the FORTUNE 500 list and employed about 74,000 people around the world who served thousands of commercial and government clients.Also, Jeff Rich announced his intention to resign in September 2005 because of growing personal problems and the fear of being caught for backdating stock options.
The Securities and Exchange Commission has charged Computer Services, Inc.
The lawsuit contended that some Xerox Corp directors and officers had abrogated their fiduciary duties in connection with the company's .4 billion acquisition of ACS in 2010. Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005.
Xerox indicated that ITO did not line up with its vision of integration of BPO (business process outsourcing) and the legacy document handling concerns. This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value.
The former CEO Jeff Rich retired in the beginning of the year, taking an .4 million buyout of his backdated options.
The .4 million buyout of his backdated options resulted in no bonuses to be handed out to the entire company.
(ACS) that the latter has backdated grants of stock option to ACS employees and officers during the period from 1995 to 2006.