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Valeant Pharmaceuticals International Inc., which came under fire after it raised dramatically drug prices, on Wednesday disclosed a multimillion-dollar pay package for its new chief executive. who is slated to take over as Valeant’s chairman and CEO next month, will receive a

Valeant Pharmaceuticals International Inc., which came under fire after it raised dramatically drug prices, on Wednesday disclosed a multimillion-dollar pay package for its new chief executive. who is slated to take over as Valeant’s chairman and CEO next month, will receive a $1.5 million annual salary.

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Valeant Pharmaceuticals International Inc., which came under fire after it raised dramatically drug prices, on Wednesday disclosed a multimillion-dollar pay package for its new chief executive.

who is slated to take over as Valeant’s chairman and CEO next month, will receive a $1.5 million annual salary.

The auditors who failed to notice or to stop these potential violations may be equally culpable.

.5 million annual salary.

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Clearly, the Enron trials have not closed the book on corporate fraud.

A new boardroom scandal is roiling Wall Street: stock options backdating.

Plaintiffs' law firms have already filed a number of securities class actions and derivative lawsuits on the backdating issue."It’s pretty sad to see that so many executives, after convincing their shareholders to approve stock incentive plans, thought they could get away with rewriting the terms," said Peter Pease, a partner at Berman De Valerio.

"That’s just plain theft, and it makes the incentive plans meaningless."The Journal, for example, analyzed the stock options grants of Jeffrey Rich, CEO of Affiliated Computer Services.

The number of shares subject to option was 250,000 and the exercise price was $30 (the trough in the stock price graph below.) Given a year-end price of $85, the intrinsic value of the options at the end of the year was ($85-$30) x 250,000 = $13,750,000.

In comparison, had the options been granted at the year-end price when the decision to grant to options actually might have been made, the year-end intrinsic value would have been zero.

Some observers have said this is just the tip of the iceberg.

ESOs are usually granted at-the-money, i.e., the exercise price of the options is set to equal the market price of the underlying stock on the grant date.

The odds of winning the Powerball lottery, meanwhile, are one in 146 million, the newspaper reported.

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