BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By Apollo Group

Shapiro Haber & Urmy LLP is currently investigating stock options backdating practices at over 100 companies, including Apollo Group.

Regarding Apollo Group, as reported in The Wall Street Journal, "On June 19, the Phoenix education provider received a subpoena from the U.S. attorney for the Southern District of New York relating to stock-option grants. Apollo said June 9 its board will hire an outside firm to review its stock-option practices, following a brokerage report that raised questions about whether the for-profit educational firm had backdated some past options grants. The report, from a Lehman Brothers analyst, called the company’s historical options-granting practices "highly questionable." On July 10, the company disclosed that it had received a letter from the SEC about an informal investigation into the company’s stock-option grants.  On Nov. 3, the company said it will likely have to restate past results as a result of problems with past grants. Its financial chief resigned, citing personal reasons.  On Dec. 14, the company a review found the company misdated certain stock option grants and that it found that some former officers may have covered errors in the grant approval process. The company added that it may face "significant tax liability" for prior years because it misapplied IRS rules.”

If you are a current stockholder in Apollo Group and would like to learn about your legal rights in seeking to remedy improper options backdating at the company, please click here or call 800-287-8119 to contact our paralegal, Victoria Bird.  Our initial consultation and case assessment will be done at no charge or obligation to you.

Shapiro Haber & Urmy LLP is a leading force in bringing lawsuits on behalf of shareholders who own stock in corporations implicated in the rampant and ongoing stock options backdating scandal.  Led by attorneys Edward F. Haber and Michelle H. Blauner, our firm has already filed numerous cases, in both state and federal courts, concerning the improper backdating of stock options granted to officers, directors, and executives who appear to have used backdated stock options to create for themselves tens, or even hundreds, of millions of dollars in profit and unrealized gain at the direct expense of their corporations.

To learn more about our efforts targeting unlawful corporate stock options practices at corporations nationwide, please click here to view our main stock options backdating webpage, which contains detailed explanations of stock options, option backdating, and why option backdating can be illegal.  Also featured are complaints filed by our firm in other stock options backdating cases, as well as a full list of all the corporations we are currently investigating.