Computer associates backdating contracts
I'm somewhat familiar with the case, but I need to read through it again to provide you with the best response.
Hi - Can you please send me the link or attach the case study for me to review?
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So far, CEO Sanjay Kumar, who was COO during the period in question, and former Chairman and CEO Charles Wang have not been charged, but at least one analyst has suggested Kumar should step down.
Computer Associates spokesman Bob Gordon said the company had no comment on the pleas.
Shares of Computer Associates fell 14 cents, or 0.5%, to close Thursday at .77.
Richards' involvement, as the global head of sales, included facilitating extensions of the fiscal quarter, allowing other employees to obtain contracts after the quarter-end (to boost reported earnings), and he failed to bring to the accounting and finance departments' attention that contracts may have been backdated.
In its complaint against Silverstein, the SEC said some CA employees referred to the company's extended quarters practice as its "35-day month" because quarters were generally extended by at least three business days.